Latest news with #StatutoryRegulatoryOrder
Business Recorder
28-05-2025
- Business
- Business Recorder
NA panel irked by ‘non-professional' attitude of KE CEO
ISLAMABAD: The National Assembly Standing Committee on Industries and Production, Tuesday, expressing serious anger over the informal, unofficial and non-professional response of K-Electric (KE) chief executive officer (CEO) observed that the officer seemed unfit for the key position. The committee meeting held here under the chairmanship of Syed Hafeezuddin to discuss matters pertaining to Utility Stores Corporation (USC) and K-Electric. The committee members question CEO K-Electric why it has not withdrawn court cases regarding power subsidies provided to various consumers during coronavirus crisis. Responding to the queries of committee members, K-Electric Moonis Alvi expressed his inability to withdraw court cases, which made the committee members furious and declared his response an insult to the directions of parliamentary panel. The CEO K-Electric tendered his apologies but the committee members rejected his apology and expelled him from the meeting. The panel grilled the Federal Board of Revenue (FBR) for failing to implement its directives regarding the inclusion of the iron and steel sector in the Export Facilitation Scheme. The committee held FBR responsible for a potential loss of $1.5 billion in exports due to the delay in issuing the required Statutory Regulatory Order (SRO). Expressing strong disapproval, the chairman remarked that FBR was ignoring parliamentary instructions and announced a formal notice against the department. The frustration was further fuelled by the continuous rotation of FBR representatives at committee meetings. 'First, an FBR lady used to come, then Faisal used to come, and today another gentleman has come; we will bear him too,' the chairman remarked sarcastically, urging the media to highlight the FBR's conduct. Another pressing matter discussed was the financial crisis facing the Utility Stores Corporation (USC). With Rs7.2 billion reportedly dues from the corporation, FBR officials claimed USC had demanded Rs18.50 billion. The chairman urged both sides to resolve the dispute immediately to prevent employee layoffs. 'We want Utility Stores employees not to be unemployed,' Hafeezuddin said, assuring union representatives that their jobs would be protected. Throughout the session, the committee emphasised accountability across public and private institutions and made it clear that delays, defiance, or neglect of parliamentary directions would not be tolerated. The committee decided to present a unanimously agreed report on the closure of USC during the Session to safeguard the future of USC employees. It sought a detailed report by Pakistan Services for Quality Standard Authority on less export of Pakistan dairy products, meat and honey. The standing committee issued key recommendations during its sitting debating the issues of K-Electric regarding load shedding in industrial sector of Karachi, closure of Utility Stores Corporation's sacked employees, role of Pakistan Services for Quality Standards Authority in maintaining vehicle quality standards and agriculture-related products for local use and export to USA, UK and European countries. The committee assured its support to the ministry for legislation when and where required to remove hindrances in the progress of public benefits. Copyright Business Recorder, 2025
Business Recorder
08-05-2025
- Business
- Business Recorder
Precious metals, jewellery: Import, export suspended for 2 months
ISLAMABAD: The Commerce Ministry has suspended import and export of precious metals, jewelry and gemstones for two months with immediate effect. However, no reason has been shared by the ministry. According to the Statutory Regulatory Order (SRO), 760(I)/2025 issued on Wednesday – Commerce Ministry stated that in exercise of the powers conferred under sub-section (1) of section 3 of the Imports and Exports (Control) Act, 1950 (XXXIX of 1950), the Federal Government has suspended the SRO 760 (I)/2013 - Import and Export of Precious Metals, Jewelry and Gemstones Order, 2013, for a period of 60 days, with immediate effect. It is also unclear if the decision has been taken after approval of Federal Cabinet which according to the Supreme Court judgment is federal government. Copyright Business Recorder, 2025
Express Tribune
25-04-2025
- Business
- Express Tribune
Govt eyes Gwadar for China industry relocation
Listen to article Pakistan has initiated efforts to devise a roadmap aimed at attracting Chinese industries for potential relocation to the country in wake of the ongoing tariff dispute between China and the United States. Since US President Donald Trump took office, a series of high tariffs have been imposed on Chinese products in a bid to revive domestic American manufacturing. Pakistan views this escalating trade conflict as an opening to position itself as an attractive destination for Chinese businesses seeking new bases of operation. To support this ambition, Pakistan is preparing a strategic framework to offer incentives designed to lure Chinese industries to Gwadar, the deep-sea port city at the heart of the China-Pakistan Economic Corridor (CPEC). In parallel, the government is implementing several additional measures to rejuvenate economic activity in the area. Sources told The Express Tribune that the Cabinet Committee on Chinese Investment Projects (CCoCIP), in a recent session, tasked the Board of Investment (BOI) and the Ministry of Industries & Production to jointly deliver a roadmap within five days. This plan will outline steps to identify and attract Chinese industries willing to relocate operations to Pakistan in light of the US-China tariff battle. The CCoCIP also reviewed a summary from the Ministry of Maritime Affairs titled "Review/Compliance of decisions taken during previous CCoCIP meetings." The committee noted the ministry's report and made several strategic decisions to advance Pakistan's position as a relocation hub. Among the key directives was an order to the Ministry of Commerce to immediately issue a Statutory Regulatory Order (SRO) that would allow the export of Potassium Sulphate fertiliser from Gwadar Port, overriding current restrictions under the Export Policy Order. This move had already been approved by the Economic Coordination Committee (ECC) and ratified by the federal cabinet but had not yet been formally notified. In another decision, the CCoCIP directed the Ministry of Planning, Development and Special Initiatives to convene a high-level meeting involving representatives from the Ministry of Finance, Ministry of Commerce, Ministry of Industries & Production, the Board of Investment, and the State Bank of Pakistan. This meeting, scheduled for the coming week, will explore the implementation of Foreign Currency Facilitation as a pilot project within the Gwadar Free Zone. The Finance Division has been tasked with preparing a one-page briefing for the session. The committee also urged the Ministry of Maritime Affairs to engage in meaningful dialogue with local fishermen to enable international seafood transshipment through Gwadar Port. A report on the outcomes of these consultations is to be submitted for review at the committee's next meeting. In regard to the Karachi Comprehensive Coastal Development Zone (KCCDZ), the committee directed the Ministry of Planning, Development and Special Initiatives to form a committee comprising the ministers of Planning, BOI, and Maritime Affairs. This team will engage with the Sindh chief minister of Sindh to address outstanding issues related to the KCCDZ and work towards a viable resolution. Addressing infrastructure challenges, the committee instructed the Power Division to coordinate with Naval Authorities to ensure electricity supply to the Gwadar Desalination Plant from the Naval Grid. This interim arrangement is necessary due to the temporary suspension of power imports from Iran. Additionally, the Power Division was directed to work with the Gwadar Port Authority to link the plant to the National Grid via an extension of the power distribution line from Panjgur and present their proposal at the next CCoCIP meeting. The committee further called on the Power Division, in collaboration with the National Electric Power Regulatory Authority (NEPRA), to accelerate the implementation of a cabinet decision concerning the electricity supply mechanism for the Rashakai Special Economic Zone (SEZ). An implementation report is to be submitted at the upcoming committee meeting, while NEPRA has been instructed to expedite its processes in this regard. Lastly, the Board of Investment has been ordered to act on all pending CCoCIP decisions without delay and provide a comprehensive progress report for review at the committee's next session.
Business Recorder
25-04-2025
- Business
- Business Recorder
Gwadar Port: SRO issued to allow potassium sulphate export
ISLAMABAD: The Ministry of Commerce (MoC) has issued Statutory Regulatory Order (SRO) aimed at allowing export of potassium sulphate from Gwadar Port. The federal government has allowed two companies to export potassium sulphate from Gwadar Port along with strict monitoring of quantitative restrictions to be put in place in customs WeBOC system in order to check export data on real-time basis. According to the SRO 705(1) 2025, in exercise of the powers conferred by sub-section (I) of section 3 of the Imports and Exports (Control) Act, 1950 (XXXIX of 1950), the federal government has directed that further amendment be made in the Export Policy Order, 2022. In the SRO, in Schedule-I, in column (1), against Sr No 12, in column (4), after the word and full stop 'agencies' the following shall be inserted: 'export of potassium sulphate (K2SO4) (HS Code: 3104.3000) from Gwadar Port by companies manufacturing in Gwadar Free Zone.' Ahsan for development of Gwadar as mining port Sharing the details, sources said, two major industries namely Agven Private Limited (fertilizer) and Hangeng Trade Company Private Limited (meat and agriculture processing) are fully established and operational in the Gwadar North Free Zone. Agven is a fertilizer production company registered in North Free Zone. The company started production of potassium Sulphate from its plant with a capacity of producing 20,000 tons per annum. Potassium sulphate fertilizer overall consumption in Pakistan is 50,000 tons per annum (average as per National Fertilizer Development Center data), whereas the overall production installed capacity in Pakistan is 65,000 tons per annum, including the 20,000 tons per annum in Gwadar Free Zone. The company had shown an interest in exporting its production of potassium sulphate from Gwadar Port in its application of October 28, 2024. The company stated that it does not use any subsidized raw materials or resources from Pakistan including use of gas as raw material. The main raw material viz potassium chloride is directly imported from abroad. It is not sourced from the tariff area of Pakistan and does not impact the supply of fertilizer for domestic use. According to MoMA, export of urea/fertilizers is banned and subject to the provisions of serial No.11 and 12 of Schedule-I of Export Policy Order, 2022. Multiple meetings have been held with Ministry of Industries and Productions, Commerce, and FBR to resolve the issue but the only way forward is to relax the Export Policy Order, 2022 for the export of potassium sulphate (K2SO4) fertilizer from Gwadar Port. Gwadar Port Authority supported the request of the company for exemption of the Export Policy Order, 2022 to the extent of potassium sulphate (K2SO4) fertilizer by M/S AgvenPvt Ltd, as the export of the commodity would help in development and operationalisation of Gwadar Port. The export will also allow the expansion of capacity inside Gwadar Free Zone and generate export revenue. The sources said SRO has been amended on the basis of following stipulations: (i) a maximum of 10,000 tons per annum or 50% of the actual annual production of potassium sulphate, whichever is less; (ii) this permission will be for one year till December 31, 2025 and will be implemented in two parts by allowing a maximum 5,000 tons by June 30th 2025, and remaining 5,000 tons by December 31, 2025 (plus or minus any balance quantity to June 30th); (iii) Ministry of Industries and Production/Fertilizer Review Committee (FRC) will ensure to collect data input related to production and export abroad on monthly basis from the manufacturers inside the Gwadar Free zone and will review the export abroad on annual basis; (iv) Ministry of Industries & Production will notify the decision for export abroad of potassium sulphate fertilizer (HS Code 3104.3000) and convey the same to the FBR and the relevant ministries/divisions; and (v) the FBR will update its system with respect to export abroad of potassium sulphate (K2SO4) as per above detail from Gwadar Port. Copyright Business Recorder, 2025
Express Tribune
22-04-2025
- Business
- Express Tribune
FBR offers incentives to Grade 17+ Customs officers
Listen to article The Federal Board of Revenue (FBR) has announced a new policy to grant financial incentives to officers of the Pakistan Customs Service in Grade 17 and above, Express News reported. According to an official notification issued under the powers granted by Sections 210 and 20213 of the Customs Act, 1969, FBR has amended the previously issued Statutory Regulatory Order (SRO) dated November 26, 2012. The amendment introduces a new sub-rule (3) under Rule 3 of the existing regulations. Under the newly introduced sub-rule, financial rewards will be disbursed to senior customs officers in accordance with their performance, as evaluated under the performance management system and the FBR's approved Transformation Plan.
