UQC have been specified in the Customs Tariff Act, 1975. The Board, which is responsible for collection of indirect taxes, asked the Chief Commissioners of Customs to ensure the instructions are “complied with scrupulously”. It, however, said the exercise should not result in delays in clearance of cargo. Earlier, the Directorate General of Foreign Trade (DGFT) had streamlined flow of trade figures from different ports in the country.
Pakistan launches media campaign to boost Islamic finance
“There still prevails a significant population that is either unaware of Islamic banking or have confusions and misconceptions about its current paradigm,” said central bank governor Yaseen Anwar at the launch of the campaign on Thursday. The campaign, developed alongside local Islamic banks, would help the industry reach ambitious targets including a doubling of its branch network in five years and a 15 percent share of the banking system, Anwar added. As of March, the industry held an 8.7 percent share of banking assets and 9.7 percent of deposits, central bank data shows. The country’s Islamic banking industry includes five fully-fledged Islamic banks and five takaful (Islamic insurance) firms, with an additional 12 conventional banks offering services through Islamic windows. Anwar added the central bank is also at an “advanced stage” of issuing a detailed sharia governance framework, which would outline roles for directors, management and sharia boards.