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FIA punishes a foreign shipping business for crew documents that have expired.

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A Syrian crew member was discovered traveling on the ship with an expired seaman’s book, and the Federal Investigation Agency (FIA) announced on Sunday that it had fined a foreign shipping business Rs500,000 [$1,793].

MT Asana is an oil and chemical tanker flying the Tanzanian flag, according to Marine Traffic, a web-based tool and mobile app that offers nearly real-time tracking of ship movements. After the tanker arrived at Karachi Port, the FIA inspected it, according to a statement from the organization.

According to the FIA, a Syrian national on board the ship was discovered traveling on an expired seaman’s book, and his flag state paperwork were also missing.

According to the organization, “FIA’s strict inspection uncovers serious violations of international maritime laws.” “A crew member admits not renewing the seaman’s book during questioning.”

An official document that certifies an individual as a member of a ship’s crew is called a seaman’s book. It is issued under the flags of the various nations’ marine authority.

In the meanwhile, flag state documentation guarantees that a ship is properly registered and permitted to conduct international business.

According to the FIA, it fined the shipping business Rs500,000 [$1,793] for the infraction and summoned the ship’s master. Following the completion of legal procedures, the fine was placed into the national treasury.

“Zero-tolerance policy against suspicious foreign crew and documentation; monitoring at Karachi Port further tightened,” the agency stated.

Due to interruptions in the Strait of Hormuz channel, the FIA has increased its surveillance of foreign vessels.

The crew of a foreign ship that arrived at Karachi Port from Oman was punished on Tuesday after it was discovered that they were in possession of illicit seafarer passports.

After finishing online training, the marine received his books by courier, according to the agency’s preliminary investigations.

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Business

For three days, Pakistan lowers the price of petrol and diesel.

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For a three-day period starting on August 1, the government has announced a slight decrease in the cost of petroleum products, including gasoline and high-speed diesel (HSD).

The Petroleum Division said that the price of high-speed diesel has been lowered by Rs0.66 per litre, resulting in a new retail price of Rs392.38 per litre.

Additionally, the price of gasoline has been lowered by Rs0.12 per litre, to Rs336.03 per litre.

According to the letter, the updated pricing will go into effect between August 1 and August 3.

According to the administration, the little cut was taken after accounting for both domestic economic and budgetary factors as well as global oil costs.

In light of persistent economic pressures and swings in the world’s crude oil markets, the most recent adjustment provides customers with little respite.

The most recent update comes after the government regularly reviews fuel costs, which are decided by the currency rate, domestic tax laws, and global market trends.

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FBR surpasses its July revenue goal by Rs40 billion.

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In July 2026, the Federal Board of Revenue (FBR) collected Rs820 billion in net revenue, exceeding the monthly target by Rs40 billion.

The July tax collection target was set at Rs780 billion, but net receipts came in at Rs820 billion, according to FBR documents.

According to the papers, gross tax collections for the month totaled Rs918 billion. Net receipts were Rs820 billion after Rs98 billion of this sum was reimbursed to taxpayers under different refund categories.

Gross collections under the income tax head was Rs343 billion. Net income tax revenues fell short of the objective of Rs323 billion, coming in at Rs308 billion after the payment of Rs35 billion in refunds.

In July, sales tax collections came to Rs413 billion, while sales tax refunds were Rs53 billion.

The Federal Excise Duty (FED) collected Rs48 billion, compared to the objective of Rs47 billion, according to the FBR.

In July 2026, customs duty receipts totaled Rs115 billion, surpassing the designated objective of Rs105 billion by Rs10 billion.

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Foreign investors return to PSX after almost two years

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Foreign investors became net purchasers at the Pakistan Stock Exchange (PSX) for the first time in almost two years, indicating restored confidence in the country’s capital market at the beginning of the current fiscal year.

According to official data, foreign investors invested $34.4 million in the PSX in July 2026, a significant reversal from June 2026 when they sold $180 million worth of shares and pulled money out of the market.

The data showed that foreign investors were net buyers for the first time in nearly 23 months, with banking and exploration companies receiving the greatest investment in the month.

Foreign investors made investments in the banking sector to the tune of $13.8 million during July, while investments in exploration businesses amounted to $6.7 million.

However, the data also revealed that international investors preferred to dispose of cement stocks over the same period.

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