Misuse of SRO 492: Assistant Collector and other officials put duty off

KARACHI: Sharjeel Jamal of M/s UTrade Logistics has highlighted loss of government revenue to the tune of one billion rupees through the misuse of SRO 492(I)/2011 in connivance with the Customs authorities. In a letter to Prime Minister, Jamal noted that the SRO 492(I)/2011 is being grossly misused in regard… Continue reading

SECP proposes amendments in laws to prevent misuse of corporate entities for money laundering

ISLAMABAD, February 11: In an attempt to improve the standards of transparency and to prevent misuse of corporate entities for money laundering, the Securities and Exchange Commission of Pakistan (SECP) has proposed certain amendments to the laws and regulations. In this regard, the SECP has issued a set of notifications,… Continue reading

Used/worn clothing business at EPZ banned to avoid smuggling

KARACHI: The Board of Export Processing Zone Authority (EPZA) has requested the Federal Board of Revenue (FBR) to thoroughly investigate the issue of smuggling and mis-declaration by the used/worn clothing units of export promotion zone (EPZ). EPZA also requested the FBR to investigate the issue of missing containers. Moreover, EPZA… Continue reading

Misuse of Green Channel facility: Customs Intelligence reports FBR backed corruption, controlled smuggling

KARACHI: Directorate General Customs Intelligence & Investigation has submitted its report to the Federal Board of Revenue (FBR) confirming large scale misuse of Green Channel facility, which resulted in a colossal loss to the national exchequer. Chief Justice of Pakistan took a suo moto action on a complaint pertaining to… Continue reading

Appraising officers collecting evidence regarding misuse of green channel

KARACHI: The appraising officers and assessment staff in south region have initiated an informal campaign and compiling evidence pertaining to the gross misuse of green channel facility, as the Chief Justice of Pakistan has ordered an investigation into the alleged corruption at Customs. Talking to Customnews.pk, several officers said that… Continue reading

FIA initiates inquiry into misuse of SRO 1125

KARACHI: Federal Investigation Agency (FIA) – Anti-corruption-circle – has initiated an inquiry regarding misuse of concessionary SRO 1125(I)/2011 and approached Chief Collector Appraisement South seeking complete record of imports on which exemptions were availed by the importers. FIA has sought record pertaining to the import of sodium metabisulphite (2832.1090) throughout… Continue reading

Inland Revenue conducts inquiry into misuse of SRO 1125

KARACHI: Commissioner Regional Tax Office-III, Karachi has taken notice of misuse of SRO 1125(I)/2011 by fake importers and manufacturers. The investigation and prosecution branch of RTO-III is conducting investigation against registered persons who are involved in the misuse of SRO 1125(1)/2011. It was reported by the Assistant Commissioner-IR of the… Continue reading

Customs Appraisement takes up to streamline SRO 1125 use

KARACHI: Collector Appraisement West Shahnaz Maqbool has approached Federal Board of Revenue (FBR) seeking clarifications pertaining to various provisions of SRO 1125(I)/2011, as the confusion created by over a dozen amendments in the SRO has left doors wide open for misuse. Shahnaz Maqbool has taken the task to plug revenue… Continue reading

Misuse of Green Status ID: SHC to hear in detail today

KARACHI: A division bench of High Court of Sindh (SHC) comprising Justice Munib Akhtar and Justice Yousuf Ali Sayeed will hear a constitutional petition filed by Khurram Iqbal of Khurram Steel Mills challenging detention of three consignments by custom officials, today. Ismat Mehdi advocate, counsel for petitioner has been asked… Continue reading