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S R KHAN

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hief Collector-Enforcement (South) Muhammad Zahid Khokhar has said that the Pakistan Customs has kept a vigilant eye on the smuggling of methamphetamine to and from the country.

Talking to Customs To-

day exclusively at his ofMice, he said that the enforcement team of Pakistan Customs has secret information that some unscrupulous elements are trying to smuggling a chemical “methamphetamine”, using in formation of lethal drugs namely “Strawberry Quick” and Met Quick etc. The Chief Collector-Enforcement (South) further said that the Anti-Smuggling Organization (ASO) of Cus-

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toms Preventive has got a report that the said lethal chemical is being smuggled from the border of Iran. He added that the chemical has a high value in international market.

Responding to a query, Zahid Khokhar said that Iran borders with its neighbouring countries are porous and that is why smuggling of contraband items is continuing.

Customs keeps vigilant eye on smuggling of methamphetamine

Ishaq Dar hopeful of new partnership with DFID

Litigation main hurdle in collection of taxes from corporate sector: FBR

2 arrested for smuggling in 2 kg of gold jewellery

Peshawar Customs collects Rs10807m during first seven months of FY2016-17

ChiefCollectorZahidKhokharhassaidthat thePakistanCustomshaskeptavigilanteye | See pAge 01 |

Dar has expressed the hope that the new Development Partnership Agreement | See pAge 02 |

FBR Chairman has said that litigation of cases has come as the biggest hurdle | See pAge 04 |

The Ahmedabad zonal unit of the DRI nabbed two men for allegedly smuggling | See pAge 07 |

Model Customs Collectorate generated Rs10807mrevenueundertheheadofduties | See pAge 08 |

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SNGPL posts strong profitability in Q2 LAHORE: The Sui Northern Gas Pipelines Ltd (SNGPL) has posted strong profitability in 2QFY17 mainly on the back of higher operating profits which is linked with increased capex.

SNGPL has been undergoing major capex for the completion of LNG pipeline scheduled to be completed by the end of FY17. Experts wait for detailed accounts for further clarity; however, SNGPL is expected to undergo a capex of over Rs30 billion in FY17. To recall, SNGPL earns a fixed 17.5 percent return on its operating assets which results in higher operating profits.

Monday February 27, 2017

Business

Dar hopeful of new partnership with DfiD PESHAWAR

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inance Minister Ishaq Dar has expressed the hope that the new Development Partnership Agreement between the Government of Pakistan and DFID will be signed soon.

The Minance minister expressed this hope at a meeting with Priti Patel MP, Secretary of State for International Development, UK, who called on him along with members of her delegation here on Thursday.

The Minance minister said that after having achieved macroeconomic stability, the government was now focused on attaining higher, sus-

Accused held for extorting money KHAIRPUR

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tainable and inclusive growth. He acknowledged the valuable support of DFID and said that UK and DFID were true partners of Pakistan. He said the government had submitted the letter of intent for joining the

Secp approves two modarabas worth Rs800 million

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team of FIA Sukkur on Thursday raided the Zarai Tarkiati Bank Pir Jo Goth branch and arrested Audit Officer in a corruption case. According to details FIA team has arrested audit officer Hamadullah Khaskheli while other staff escaped from the bank to avoid the arrest.FIA team also took the record into custody. According to FIA officials an FIR of corruption has been lodged against the Zarai Tarakiati Bank Pir Jo Goth officials and Audit officer had been taken into custody for further investigation.

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Open Government Partnership after becoming a signatory to the OECD Convention on Mutual Administrative Assistance in Tax Matters. He expressed the hope that the new Development Partnership

Agreement between the Government of Pakistan and DFID would be signed soon.

The Minance minister apprised the visiting dignitary of the merger of the Pakistan Stock Exchange and the strong performance of the exchange over the last year or so. Patel said that successful implementation of tax reforms, while conducting Miscal consolidation, was a remarkable achievement. She said the DFID programme in Pakistan was its largest globally. She said there were huge opportunities for collaboration in the future in economic development and education, and also in the Mields of social security and health. Patel said the partnership with Pakistan was incredibly strong and that “we need to work together to further evolve and develop the relationship”.

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ISLAMABAD

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he Securities and Exchange Commission of Pakistan’s (SEC P) Religious Board on approved prospectuses of two new modarabas Habib Metro Modaraba and Orient Rental Modaraba. The religious board was constituted by the federal government for SECP under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980.

The board, with its chairman Jus-

tice (retired) Khalil-ur-Rehman Khan, certiMied that the business speciMied in the prospectuses of both modarabas is not opposed to the injunctions of Islam. Habib Metropolitan Modaraba Management Company (Pvt) Limited has proposed to Mloat a new modaraba with paid-up modaraba funds of Rs300 million.

It shall be a perpetual, multipurpose and Minancial services modaraba.

It will primarily provide car-Minancing solutions to individuals and corporate customers based on recreational vehicle (RV) car Minancing model. In the RV car Mi-

nancing, monthly rentals are significantly lower than the regular Ijarah Minancing mode.

In addition to RV car Minancing, it will provide solar power solutions to its customers based on Ijarah/rental/Musharakah or any other approved modes of Minancing.

Orient Rental Modaraba will be Mloated by Eman Management (Pvt) Limited, with authorised and paidup modaraba funds of Rs500m. It shall also be a perpetual and multipurpose modaraba, primarily focusing on rental business of generators, heavy machinery, etc.

Secp, SBp in joint move to tackle illicit lending KARACHI

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high-powered body of two apex financial and banking regulators the Securities and Exchange Commission of Pakistan and the State Bank of Pakistan on Wednesday decided to seek cooperation of law enforcement agencies in curbing unregulated lending operations, particularly at the country’s stock exchange where certain brokers are said to use investors’ money in illegal badla financing. Analysts, however, considered it an uphill task for the two regulators to take to task those brokers, or other individuals, involved in the illegal business of providing a fixed return to their clients on their investment and using their money for notorious badla financing. The unregulated lending operations recently came under the spotlight after the owner of a Lahore-based brokerage firm M.R. Securities disappeared with investors’ cash and shares worth millions of rupees. The Pakistan Stock Exchange recently informed the SECP that it received a total of 485 claims, amounting to Rs1.2 billion, against the brokerage house. A spokesman for the SECP confirmed to Dawn that the decisions pertaining to the unregulated lending operations at the meeting of the coordination committee of the SECP and SBP.

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govt ‘shelves’ LNg-based muzaffargarh power project LAHORE

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he government’s bid to set up a major LiqueMied Natural Gas (LNG) power project scheduled for electricity generation by March 2018 on a war footing has failed to take off due to zero investor response. “The project has been shelved,” a senior government ofMicial said, adding the development

had been reported to the board of directors of the Private Power and Infrastructure Board (PPIB) led by Minister of Water and Power Khawaja Asif last week.

The government had announced on Oct 28 last year that it was inviting bids for a 1,200-megawatt LNGbased power project at Muzaffargarh as a contingency to ‘ensure loadshedding-free Pakistan by 2018’. No bids were received for the project that was supposed to ‘ensure load-

shedding-free Pakistan by 2018’ The last date for submission of bids was set as Dec 5, 2016 which was later extended for 15 days to Dec 20 on the instructions of Prime Minister Nawaz Sharif. PPIB spokesperson Sami RaMi Siddique said that no bids were received for the project. “PPIB does not have any further instructions,” he added. Informed sources said PPIB’s managing director had even conducted a pre-bid conference with a reasonable number of investors and

about 7-8 of them even purchased documents required for bidding but none submitted a bid. “The project was not based on prudent decision and timeline was too short,” said an investor who purchased bid documents. Another source said the straitjacketed bid schedule was given for the project on signals from an investor that a refurbished set of turbines were ready to be mobilised but this did not materialise. The project was offered to investors following a

policy change in the Mirst place because the government considered its fast track development would cover slippages on the target to end loadshedding by 2018. The PML-N had come to power on the promise of ending power shortages in the country within its Mive-year term. The project was conceived when it dawned on the government that 1,450MW Tarbela 4th Extension had been delayed beyond its completion deadline but was within the 2018.

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ISLAMABAD

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ederal Board of Revenue (FBR) Chairman Dr Muhammad Irshad has said that litigation of cases has come as the biggest hurdle in the way of revenue collection from the corporate sector. While brieMing the Public Accounts Committee (PAC) here, Dr Muhammad Irshad said that the cases involving an amount of Rs 750 million were pending with the courts against 52 companies.

Moreover, an amount of Rs 6.28 billion was also receivable; out of which Rs 5.42 billion was receivable from independent power producers alone. Cases in this regard are lying pending with the high court level, he said. PAC scrutinized the audit objections about the Minancial management of the FBR for the Miscal year 2013-14 and the members remained critical towards the FBR performance on the issue of vigorous pursuance of recovery cases. Audit raised issue of Miscal mismanagement of Rs 121 billion on account of the FBR. Auditor General of Pakistan Rana Assad Amin in this regard tried to build a case against the FBR, saying that Rs 2.41 bil-

Monday, February 27, 2017

lion were collected from different companies during the aforesaid period by the FBR. Moreover, the FBR could collect Rs 260 million from potential taxpayers who were served with notices. Out of the said potential taxpayers, cases involving Rs 250 million were still pending with the courts.

Despite strong bids on part of AGP to build a case against the FBR, Dr Muhammad Irshad aptly responded to almost

all the objections raised by the Audit. However, PAC members, under the inMluence of Audit ofMicials, sought brieMing from the FBR’s technical team on the criminal status a person who may have plundered national money. The PAC also asked the FBR team to come up to the next meeting after making full-Mledged preparations to respond to the audit objections.

Meanwhile, Chairman Federal Board of Revenue (FBR) Dr. Muhammad Irshad has directed all withholding tax commissioners to increase the revenue collection measures through performance and keep close check on withholding agents.

On the suggestion of Member Inland Revenue Policy Rehmat Ullah Khan, Federal Board of Revenue with the help of Pakistan Revenue Automation (Pvt) Limited (PRAL) will prepare a Digl a c s f fi o ital Directory of withholding tax. e n u s o s illion ised i b The Mirst Withholding Tax Coma r 1 t 2 i 1 l Rs Aud a r f e missioners conference were o n t e n itor g geme d presided over by Federal a u n s A a i . h in t fBR mism e n Board of Revenue Chairman i h t m nt of st ssad A Dr. Muhammad Irshad at FBR n A i a a accou g n Ra se a n a conference hall. a c t s a i k d n

uil llio of pa d to b .41 bi e 2 i r s t R d t tha nt re g a r iere aying s d , R m B o said the f ted fr afore collec e e h r t e g w urin nies d fBR a p m co by the d o i r pe

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Real challenges to economy

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he good news is that the economy of Pakistan is picking up, but bad news is that we as a nation are not prepared for it. The government is apparently unprepared to focus on economic growth and has no interest in internalizing the aspects of inclusive growth and sustainable development. Rather it is focusing on revenue generation from taxes, duties, levies and anything else it comes across without realizing that burden on business and trade will slow down not only growth, but also new investment. Pakistan’s economy is mostly immune to foreign trends of business and trade, but it cannot live in isolation for a long time. The government needs a team of experts to devise prudent policies and a fully alert machinery to start implementation process.

The government will have to remove structural weaknesses before launching its policies for economic recovery and economic growth. The government has so far failed to introduce structural reforms while the bureaucratic machinery has become the victim of monotony because of following the cut-paste policies over the years. It is difficult to bring paradigm shift in the administrative set up overnight, but the government has failed to set an agenda for capacity building of the officials. In the absence of an affective check and balance, policies and important decisions always face delays by the senior cadre which most of the time relies on the lower staff. Soon after assuming the office, the present leadership had expressed the resolve to face the challenges, will prioritize strategies and build momentum to achieve the national and universal financial inclusion in an integrated and sustained manner. However, the government could not improve financial inclusion as well as regulatory and supervisory environment etc. At the end, it is standing at a point from where it had started its journey.

There is a need to involve policymakers, investors and all other stakeholders in the area of financial inclusion to allow them to play their respective roles in financial, business and trade sectors.The world is moving at a fast rate and reports emanating from the world financial organizations point out lacunae in the economy of Pakistan in global perspective.

Therefore, the policymakers as well as businessmen and all other stakeholders should keep themselves abreast of the changes in the world economic environment.

matter of economic cooperation with china A

LAHORE

DR AftAB AfZAL

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s Beijing is expanding its economic cooperation with various countries in the region, including Pakistan, the time has come the government should make every effort to attract the private sector of China to invest in the country. China has already signed over $20 billion investment package with Bangladesh and is shifting its small industry there. The Pakistani government and private sector should also persuade the Chinese government to establish light and heavy industrial parks, electricity generation plants and joint ventures in Pakistan which is emerging as a

potential destination for business and investment in the region.

There is a need to establish business-to-business contacts apart from close liaison between the two governments. The Chinese investors can avail opportunities in agriculture, food processing, textile, real estate and construction sectors of Pakistan. There are also huge investment potentials in the Mields of garments exports, manufacturing of medicines and electronic goods as well as oil and gas exploration sector. The China Pakistan Economic Corridor should not only be a road project, but also a highway for economic and industrial cooperation. It is good omen that the two countries have already been in negotiating process to establish industrial

zones along the corridor.

In this era of economic development, no country can economically survive all alone and has to cooperate with other nations.

China has already bought 40 percent shares of the Pakistan Stock Exchange and its Shanghai Electric Power has invested around $1.8 billion in K-Electric. The local business organizations are also keen to collaborate with Chinese investors to launch joint ventures, including a $2 billion K-Electric expansion plan in the coming years. China’s Baosteel Group, a steel giant, is interested in staterun Pakistan Steel Mills to regulate it on a 30-year lease. The foreign direct investment reached $1.9 billion during the last Miscal year According to newspaper reports,

the foreign direct investment in Pakistan increased to $1.16 billion in the Mirst seven months of the current Miscal year as compared to $1.06 billion in the same period of the previous year. Pakistan has recorded low level of foreign investment in recent years and the government will have to revisit its policies as to why foreign countries readily invest in Vietnam and Malaysia instead of Pakistan. It is the failure of the foreign missions which could not present the soft image of Pakistan and a land of opportunities for foreign investors. Many foreign investors, especially from western countries, had earlier winded up their businesses due to persistent energy crisis, poor governance and security challenges.

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Wheat prices to rise until Jan 2018 Monday February 27, 2017

World

WELLINGTON: Over the last 40 years wheat futures have maintained a fixed recurring pattern of 11 months of rising prices every 4 years. There have been 7 such periods, each of them successful for an average rise of 25%. The next 11 month period begins this week and ends the second week of January 2018.

The discoverer of the pattern, and others like it across commodity, currency and equity markets, is New Zealand company Kenton-Dau LLC. The company claims that all markets behave as electrical systems and that this gives rise to regular periods of rising and falling prices. In 2014 the company tested its findings in collaborating with investors from Australia and New Zealand, including ACC, New Zealand’s largest institutional investor.

2 arrested for smuggling in 2 kg of gold jewellery

AHMEDABAD

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he Ahmedabad zonal unit of the directorate of revenue intelligence (DRI) on Tues-

New Zealand dollar rises from 4 month low he New Zealand dollar bounced from a four-month low against the Australian dollar as some investors found the levels attractive after a sharp sell-off last week. The kiwi rose to 93.92 Australian cents as at 5pm in Wellington from 93.55 Australian cents at 8am and 93.66 cents in late New York trading New Zealand’s currency was still 1.2 percent lower against its trans-Tasman counterpart from a week earlier as rising commodity prices and a rosier economic outlook from the Reserve Bank of Australia stoked demand for the Aussie dollar. “After such a hard sell-off last week, it’s not surprising it’s attracted some buying interest at these levels,” said OMF private client manager Stuart Ive. The New Zealand dollar fell sharply last week after New Zealand’s central bank indicated rates would remain on hold for some time to come. –CB Report

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day night nabbed two men for allegedly smuggling 2.1kg of Italianmade gold jewellery into the country from Dubai.

DRI arrested Thonse Zakariya Jamal and Parvez for smuggling in jewellery worth around Rs 70 lakh at present market rates. Parvez smuggled the jewellery aboard the

Dubai-Mumbai Air India Mlight AI 984 on February 11, by concealing it in the aircraft’s washbasin. Jamal was to retrieve it when the aircraft was deployed on a domestic Mlight, from Delhi to Ahmedabad, to avoid customs. The DRI Ahmedabad zonal unit gathered intelligence that one Jamal, on the Delhi-Ahmedabad Mlight AI13, due to arrive on February 14, would be carrying smuggled gold jewellery and would hand it over to Parvez outside the airport, a statement from the agency said.

“As the retrieval did not materialize on the same day, Parvez kept track of the aircraft on the domestic route and planned to recover the jewellery on the Delhi to Ahmedabad Mlight AI13 on February 14, through his accomplice, Jamal,” a DRI ofMicial said. A physical search of Jamal resulted in the recovery of three packets concealed in a short pants-type storage apparel worn inside his pants,” ofMicials said.

DRI ofMicials said further investigation is under way.

Dutch Bank, fintech develop Sme Robo-Accountant

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etherlands-based bank ABN AMRO is working with invoice management Mirm InvoiceSharing, also based in the Netherlands, to develop a new accounting automation solution for SMEs. ABN AMRO and InvoiceSharing are also creating a “robo-accountant” to check invoices, make notes and export invoices to accounts.

Their collaboration is part of the bank’s innovation unit, Econic, reports said, and they are currently

piloting their tool with about 20 companies.

“Bookkeeping no longer marks the Minal stage of an administrative process,” said InvoiceSharing CEO Jeroen Volk in a statement. “Instead, it has become the SME’s starting point for improvement of business.

In due time, we want to help as many entrepreneurs as possible make their business smarter so they can anticipate and play into future challenges.”“–CB Report

pm urges facilities to enhance trade with iraq AMMAN

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mplementation of a multimillion-dollar project to enhance food security and agricultural productivity across the Kingdom will commence in March, according to a senior government ofMicial.

The mega-project will train people from all governorates on vocational agricultural skills and “agribusiness management”, and then secure them with funds to start their own food and animal production projects, Minister of Agriculture Khaled Hneifat said on Thursday.

“The national project seeks to improve food security and self-sufMiciency in livestock and agricultural products, while securing people with a sustainable source of living,” Hneifat noted at a meeting with the press. The project is worth JD14 million, he said, highlighting that it

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is scheduled to be completed by the end of this year.

Under the scheme, the Agriculture Ministry plans to train people across the Kingdom on vocational agricultural and agribusiness skills for two months before identifying in which agricultural or vocational Mield they seek to start their own businesses. The project also entails providing funding for proposed business ideas, Hneifat said, noting that permanent markets will be established in each governorate to display the products of the small businesses which will be established under the mega scheme. A private Mirm will be responsible for collecting, marketing and selling the products at the permanent markets, according to the minister, who added that it will receive a percentage of the sales. “The markets will be built before the end of this year,” Hneifat said. The ministry has already secured JD650,000 for the two-month training, he noted, adding that it is in the process of securing the funding of the project from the World Food Programme.

oman Air signs mou with taiseer man Air has signed a MoU with Taiseer. The company acts as a local trading platform that aims to create an integrated business environment between companies. The aim of the MOU is to help market and promote local businesses in Oman, in particular small and medium-sized enterprises (SMEs), to Oman Air. Taiseer will act as a mediator for Oman Air and will help to gain access to additional and new SMEs and vice-versa. aiseer operates by facilitating business deals, contracts and projects, as well as purchasing orders and recruitment opportunities through the

promotion of the products and services of local businesses. The company then channels these into one platform that acts as a marketing and promotion tool enabling all companies who have an agreement with Taiseer to access the platform and Mind out the opportunities available in the local market. Oman Air beneMits from the yearlong contract signed with Taiseer by streamlining and expanding the airline’s access to the services of local businesses, in particular SMEs. In doing so, Oman Air is continuing its commitment to promoting and developing local businesses as part of Oman Air’s policy. –CB Report

thailand, Sri Lanka all set to sign ftA this year

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BANKOK

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hailand and Sri Lanka are set to sign a free trade agreement (FTA) later this year, aiming to triple bilateral trade to US$1.5 billion (52.5 billion baht) over the next Mive years. Deputy Prime Minister Somkid Jatusripitak, who met with

Malik Samarawickrama, Sri Lanka’s Development Strategies and International Trade Minister, said the two countries aimed to sign the FTA this August, when he is scheduled to lead Thai investors to visit Sri Lanka.

Somkid said he also proposed that Thailand and Sri Lanka conduct parallel strategic cooperation in certain areas which will expedite mutual economic beneMits for the two

countries, as FTAs require time for negotiations. The cooperation is set to be conducted both on a government-to-government and privateto-private basis. Somkid said the sectors in which Sri Lanka is eager to attract Thai investment include jewelry, electronics, consumer products and industrial estates.

He suggested that industrial estate development be implemented

in the same way as at the Tilawa industrial estate in Yangon, a joint project between the state and private sector in Myanmar which has helped speed up development.

Somkid said Sri Lanka is a significant strategic location for Thai investors, thanks to its cheap labor.

He also noted that Sri Lanka already has FTAs in place with India and Pakistan, two large markets.

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ANF recovers 10 kg drugs from container KARACHI: The Anti-Narcotics Force (ANF) recovered 10 kg drugs during a raid conducted over Pakistan International Container Terminal (PICT).

In an intelligence based operation along the coastal areas, officers of the Anti-Narcotics Force (ANF) intercepted a container at the Pakistan International Container Terminal (PICT).

During the search of the container, officers of the-Anti Narcotics Force (ANF) recovered 10 kilogram of drugs concealed in the Paver Tiles.

Monday, February 27, 2017

CUSTOMS BULLETIN

peshawar customs collects Rs10807m during first seven months of fY2016-17 PESHAWAR NADiR KHAN

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Model Customs Collectorate generated Rs10807million revenue under the head of duties during the last seven months of the ongoing Minancial year 2016-17.

According to details issued by statistical section of Peshawar Customs House Rs4094.74 million were collected under the head of customs duty during the last seven months of the ongoing Minancial year up to February 2017.

Likewise under the head of sale tax on import the customs authorities of Peshawar collected Rs2546 million during the last seven months up to February 2017 against the previous year of collection of Rs2872 million.

In head of sale tax levied as federal excise duty (FED) on plam oil the customs department collected a total of Rs939.38 million against the previous year Migure of Rs1359.84 million with total difference with minus Rs420.46 million while the difference in percentage is minus 30.92 percent. In head of sales tax on commercial importers the house collected Rs375.73 million in last

seven months up to February 2017 against the Rs429.82 million with difference minus Rs54.09 million while the difference in percentage was minus Rs12.58 million.

In head of federal excise duty (FED) on import the customs department collected Rs97.54 million up to February 2017 against the Migure of Rs141.23 million. In head of with-

holding tax (WHT) the house collected Rs2754.22 million in last seven months against the Migure of Rs2309 million with total difference Rs444.45 million having 19.24 percent differ-

ence in percentage The total collection of the last seven months showed overall shortfall almost in every sector however only withholding tax witnessed some improvement.

customs Appellate tribunal disposes of petition filed by 13 importers KARACHI

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bench of the Customs Appellate Tribunal comprising Nadeem Qureshi, Member Judicial and Muhammad Nazim Saleem, has disposed of appeals filed by 13 importers to set aside Order in Revision passed by the Director General Valuation and directed the customs to re-assess the

values of imported buckram.

The appeals were filed by M/s Carewell Traders, M/s Dawn Trading Company, M/s Horizon Enterprises, M/s A.A. Interlining, M/s Royal Business International, M/s Latif Bukram Store, M/s Amir Brothers, M/s Qadir Trading Company, M/s Fine Traders, M/s Fine Industries, M/s Alpha Trading Company, M/s SS International, M/s Pak Fabric, M/s Waris Sharif & Co and M/s Ihsan & Sons against Order in Revision No.264/2016 dated 11.11.2016, passed by the Director General of Customs Valuation, Karachi

against the Valuation Ruling No.926/2016 dated 08.09.2016 passed by the Director, Valuation, Customs House, Karachi.

Directorate General of Customs Valuation, Customs House were respondents in the appeals.

According to the facts of the case the appellant are importers of woven and non-woven interlining buckram material in black & white colors classifiable under PCT Heading 5901 & 5603, respectively.

The goods were being imported from China, Korea and other countries, previously the

goods have regularly been imported @ $0.80/kilogram to $1.80/kg depending on the category/quality of the buckram. The local manufacturers of the said item approached the officers of Directorate General of Customs Valuation Customs House, Karachi for enhancement of import value of said item to protect their industry. The Director General Valuation, Customs House, Karachi with the active collaboration of local manufacturers issued a Valuation Ruling No. 428/12 dated 13.02.2012 & revised the values with the pre-text

Published by M S Raza Off# 42, 3rd Flr Gull Plaza M.A Road Karachi, Printed by Dhoom Printing Building No RY/A, 11/6,11/7, Mashoor Mahal,off I.I. Chundrigar Road, Karachi

that the international prevailing prices of the said item are on higher side.

The Director Valuation again re-determined the values without proper consultation with stake holders and issued Valuation Ruling No. 926/16 dated 08.09.2016 between $4.41 and $6.65 per kilogram. As the revised values were not acceptable to the importers, they filed revision application before the director general Valuation, Customs House, Karachi also seeking clearances under section 81 of the Customs Act, 1969 till the order-in-revision.