India imposes $88mn fine on Xiaomi for evading import taxes

NEW DELHI: India has asked the local unit of Chinese smartphone giant Xiaomi to pay 6.53 billion rupees ($87.80 million) in import taxes after an investigation found that the company had evaded some duties. A probe by India’s Directorate of

USA, China, and UK are top export destinations of Pakistani products, says Razak Dawood

Prime Minister’s special aide on Commerce and investment, Abdul Razak Dawood revealed that the United States of America (USA) remained the top export destination of the Pakistani products followed by China and the United Kingdom (UK) during the first four

ECC approves import of 100,000 metric tons sugar

ISLAMABAD: The Economic Coordination Committee of the federal cabinet has approved the import of 100,000 metric tons of sugar. A meeting of the committee chaired by Finance Minister Shaukat Tarin approved a summary by Industries and Production Division for approval

ECC approves Rs1.8bn for oxygen import

ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet has approved over Rs44 billion for various projects, including 1.8 billion rupees for import of oxygen gas to meet the emergency requirement in hospitals for treatment of COVID-19 patients. The ECC

Cotton yarn import is only solution to save textile industry: NKATI President

KARACHI: North Karachi Association of Trade & Industry (NKATI) President Faisal Moiz Khan has appealed to the government to allow the import of cotton yarn and end all taxes and duties to allow the textile industry compete with regional countries

Iran lifts restrictions on import of Pakistan’s kinnow

ISLAMABAD: Foreign Minister Makhdoom Shah Mahmood Qureshi said that Iran has lifted restrictions on import of kinnow (citrus) from Pakistan which had been in place since 2012. Pakistan has witnessed a decline in kinnow exports this year due to to

Federal cabinet rejects importing sugar, cotton from India

ISLAMABAD: The Federal Cabinet today (Thursday) turned down deferred the Economic Coordination Committee’s (ECC) decision to import sugar and cotton from India through land and sea routes. The decision has been deferred until India reinstates Article 370 of its Constitution,

Oil import bill shrinks by 21.7% to $6.44bn

ISLAMABAD: The oil import bill witnessed reduction of 21.70 percent during the first eight months of the current fiscal year as compared to the corresponding period of last year. The country imported oil products worth $6445.601 million during July-February (2020-21)

Oil import bill shrinks by 20.90% to $5.64bn

ISLAMABAD: The oil import bill witnessed a reduction of 20.90 percent during the first seven months of the current fiscal year as compared to the corresponding period of last year. The oil imports during July-January (2020-21) were recorded at $5640.751

Export increased by 5.8% in July 2020 despite lockdown: Adviser

ISLAMABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood has said that Pakistan witnessed an increase in exports despite the coronavirus lockdown. The adviser said that according to the trade summary report, exports for the month of

India’s gold imports plummet 99.5% to three-decade low

MUMBAI: India’s gold imports plunged 99.9% year-on-year in April to their lowest in nearly three decades as air travel remains suspended and jewellry shops were closed amid a nationwide lockdown to curb the spread of coronavirus. The world’s second-biggest consumer

Import substitution necessary to save foreign exchange reserves: FPCCI

KARACHI: A meeting of Federation of Pakistan Chambers of Commerce and Industry’s Advisory Council on Budget Proposals has said that import substitution industry is indispensable to save foreign exchange reserves. The meeting comprising of senior businessmen, former tax officials, experts

ECC approves 0.3mn tonnes duty-free wheat import

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet has approved the import of 0.3 million tons of wheat without regulatory duty due to an unprecedented price hike and countrywide shortage over the last few days. The ECC meeting

Cargo import, export reaches 66,600 tones at Khunjerab Pass

ISLAMABAD: The Federal Ministry for Information on Monday has said that import and export with China have reached 66,600 tones in the first eleven months at Khjunrab  Pass in northwest China’s Xinjiang region. In a twitter message, the Ministry for

Pakistan to import polio markers from India

ISLAMABAD: The federal cabinet on Tuesday has decided to give one-time permission for import of polio markers from India and reduce prices of 89 medicines by 15 percent. The markers, which are used to mark the fingers of chil­dren after