Understanding the Nitty-Gritty of Up-to-Date of Pakistan’s Customs Act, 1969

Pakistan’s Customs Act, 1969 was enacted consolidating and amending the various laws on Customs. There are mainly six methods of valuation of goods including transaction value method, identical goods method, similar goods method, deductive methods, computed method and fall back method. Under Section 79 of the Act, Goods Declaration is filed duly supported by various documents for assessment of leviable duty and taxes. In case of misdeclaration, untrue statement or error etc. section 32 comes into play. Search Warrant is to be obtained by the Gazetted Officer of Customs from the Judicial Magistrate to recover the secreted goods under Section 162 of the Act, Seizure of things liable to confiscation is made under Section 168 of the Act. Section 156 provides the scope of offence(s), nature of breach and penalty thereof. Section 187 of the Act fixes initial burden of proof upon the person involved, which may be rebutted by the Customs authorities. The purpose of adjudication includes confiscation of goods, recovery of duty and other taxes not levied or short levied, recovery of erroneously refunded amount and imposition of fine. An option to fine in lieu of confiscation of goods can be given under Section 181 of the Act. The pecuniary power of adjudication is provided under Section 179 of the Act, whereas there are Appellate forums available in the form of Collector Appeals, Customs Appellate Tribunal and High Court. In addition to this, another mechanism under Alternate Dispute Resolution (ADR) is available under Section 195-C of the Act. In case of commission of cognizable offence, a FIR is lodged and a Special Judge takes cognizance of the offence(s) under the Code of Criminal Procedure, 1989. An appeal or Revision can be filed before the Court having the Powers High Court. The main challenge before the Customs is determination of value of goods paid or payable in relation to the item being valued. In case inaccurate value, either it is the business class who suffers or the state’s fiscal interests are jeopardized on account of lack of requisite capacity of the Customs Officer to successfully address the issue of value of goods and pass the buck onto the importer for charging misdeclaration and a lengthy process of adjudication is initiated against the importer and exporter as well as Clearing Agent as this value holds good for the imposition of Sales Tax, Income Tax and Federal Excise duty

Magnetoelectric Effect in Lead-Free Multiferroic Composites and Thin Films

The functional behavior of two-phase composites consisting of piezoelectric and magnetostrictive components is a manifestation of the coupled nature of their constituent phases, known as magnetoelectric (ME) effect. It has a promise in it to a progress in the modern electronic industry by not only improving the existing properties but also reducing the size of microelectronic components. However, the demand for miniaturization has not seized because it is now accompanied by the demand of environment-friendly materials. Therefore, the primary aims of this dissertation are to develop new lead-free multiferroic materials and to study the relationship between the intrinsic properties of piezoelectric and magnetostrictive components and the resulting ME coupling between them. The ferroelectric component with excellent piezoelectric properties combined with the component with excellent magnetostrictive properties would lead to enhanced ME coupling and value-added understanding of the science behind it. At first, a piezoelectric composition in the system of (1-x)(Ba,Ca)TiO3 -xBa(Zr,Ti)O3 with x = 0.5 was identified (BCT50-BZT) with piezoelectric coefficient of value greater than 500 pC/N in order to utilize it as the piezoelectric phase. The converse ME coefficient of 0.5(Ba,Ca)TiO3 - 0.5Ba(Zr,Ti)O3-15% CoFe2O4 was found to be around 6 ps/m. It was discovered that the constituent electromechanical coupling factor and magnetomechanical coupling factor might play a role on the ME response. To understand the role of magnetostrictive phase, it was modified with a non-magnetic Al3+ ion. The composite of 0.5(Ba,Ca)TiO3 - 0.5Ba(Zr,Ti)O3 - 50% Co(Fe1.5Al0.5O4 was found to possess 3-times larger converse ME coefficient compared to its unmodified counterpart. This enhancement was attributed to the improved effective piezomagnetic coefficient d/dH and increased initial permeability of the Al3+ modified CFO. Secondly, using the knowledge from the BCZT-CFO composites, NiFe2O4 (NFO) was introduced as the magnetostrictive phase which has initial magnetic permeability of 39 that is much larger than that of CFO. This provided an enhancement of around 400 % in the ME coupling in BCZT-30%NFO (converse ME coefficient of 45 ps/m) sample as compared with that of BCZT-50%CFO(Al) (11 ps/m). Hence it gave a substantial evidence that the most important properties to be considered to improve the ME response of two-phase composites are the initial magnetic permeability of the ferrite phase and the maximal elastic compliance of the piezoelectric phase. This discovery has a potential to open new horizons for tailoring of new ME materials. Thirdly, a two-phase system consisting of relaxor ferroelectric Ba(Ti, Sn)O3 combined with CFO was studied. This system is a unique example of two-phase systems in which the dielectric properties were almost entirely retained even in the composite, which is in contrast to the case in other non-relaxor-magnetostrictive composites reported here. The ME coupling of the composite consisting of Ba(Ti0.7Sn0.3)O3-20%CFO was much better than the normal ferroelectric-magnetostrictive composites studied for their magnetodielectric properties, previously. The correlation of the maximum of elastic compliance versus temperature and the induced ME versus temperature curves was highlighted, providing another evidence of the vital role electromechanical softness of the ferroelectric material on the stress/strain mediated ME coupling. Lastly, when the connectivity was changed from (0-3) to (2-2) which is a bilayer geometry, improved local direct ME coupling was observed, due to the better interface between the magnetostrictive phase and the ferroelectric phase. Bilayered thin films of CFO and BaTiO3 (BTO) were synthesized with pulsed laser deposition on two differently oriented substrates. TEM analyses revealed that the CFO layer had a better interface when it was grown on (111) oriented substrate in comparison to that of (100) oriented substrate. This is a discovery as there are no reports in literature on the growth bilayered thin films on (111) oriented substrate. Direct ME coupling studied with PFM under an applied dc magnetic field. The bilayered thin film on (111) oriented substrate has an improved ME coupling in comparison to that of bilayered thin film grown on the (100) oriented substrate

Effect of Leadership Styles in Employee Performance During COVID Pandemic: Evidence from the Banking Sector of Pakistan

The Covid-19 epidemic is harming the world economy. Due to the economic domino effect, practically all business sectors are affected. Because of the economic slump and modification in client transaction penchants, COVID-19 had a considerable sway on the banking industry. During the COVID-19 pandemic in the banking industry, this paper intends to determine and evaluate the direct and indirect possessions of transformational, transactional leadership, and laissez-faire leadership on employee performance because of the indirect influence mediated by work engagement. The findings revealed that transformational leadership has a progressive but little influence on employee performance, but transactional management has a positive and considerable influence. Furthermore, through mediating the influence of work engagement, transformational leadership's influence on employee performance became positive and substantial. Meanwhile, in the appearance of the COVID-19 Pandemic, work engagement was much higher, bolstering the influence of transactional leadership on employee performance in the banking industry

The impact of COVID-19 shocks on the volatility of stock markets in technologically advanced countries

This study examines the volatility of China and the most advanced countries of the world stock markets due to the pandemic of COVID-19 using the TGARCH model. This research study presents empirical support for the TGARCH specification for explaining the daily time dependence in the rate of information arrival to the market for stocks traded on China stock market. Using the sample containing closing stock market returns from 05 January 2015 to 04 April 2020 of sample countries, we found that through the COVID-19, there is no significant impact of returns volatility coming from advanced countries towards the China stock market. Further, results state that China has a significant impact on explaining the volatility of the most advanced countries of the world (Switzerland, Sweden, Netherlands, and the UK) except the U.S.A. during COVID-19. We found no significant impact of China stock market returns on the U.S.A.’s volatility, but there is a presence of leverage effect during COVID 19

Damage detection in a fixed-fixed beam using natural frequency changes

This paper presents a damage detection technique which uses change in Frequency Response Function (FRF) and Modal Strain Energy (MSE) for damage detection in beam and truss like structures. It’s a robust approach for Structural Health Monitoring (SHM) using natural frequency for structural damage assessment. This technique couples FRF with Iterative Modal Strain Energy (IMSE) method to accurately localize and quantify the damage with only few frequencies, overcoming the limitation of mode shape based damage detection methods which requires mode shapes at full coordinates but damage is either over/underestimated. In the current approach, a damage detection algorithm is developed and validated by conducting numerical studies for a Fixed-Fixed beam, both noise-free and noise-effected cases are simulated. The numerical studies reveal that proposed algorithm is capable of identifying, localizing and quantifying the damage accurately at reduce computational cost

The role of additive manufacturing in industry 4.0: An exploration of different business models

Purpose The rising interest in the integration of digital advanced manufacturing and production systems in the Industry 4.0 context is one of the main factors in the introduction of Additive Manufacturing (AM). The novel technology might change the way firms operate, and the way they interact with consumers, opening new horizons for an improved profit margin and more sustainable business models. The research presented a comprehensive review on the potent role of AM in adhering to customers’ complicated and unique needs using various technologies and techniques, as it discussed the role of AM in introducing new business models that increase the business competitiveness and profitability through an optimisation of production processes. In addition, AM is grasping with innovative solutions varying from waste reduction to shorter supply chains to longer products lifecycle, incentivising firms to adopt it for the economies realised on materials, energy, and costs. Notwithstanding, AM implementation is still in its infancy and faces technical challenges of capability, IT integration, and outcomes. Design/Methodology/approach This research is based on a quantitative approach that was administered online by means of a highly structured online survey, which aim was to collect primary data that fills the gaps of the research hypotheses due to the lacking nature of research papers exploring them. Therefore, the literature review was a paramount phase in acquiring empirical knowledge about the problem background and concept boundaries that shaped the topic's core objectives and research questions from the lacking nature of explored areas. Findings This research investigated the role of AM in industry 4.0 by exploring its impact and intersection with AM firms’ business models while exposing the limitations and challenges to its adoption within industrial contexts. The study highlighted that the AM positive impacts on companies’ business models on the value chain and turnover. This study also revealed the eco-design prospect of AM that will be helpful for different firms to rethink their business models shaping them to be more cost-efficient. Originality This research gave insight on AM technology through a quantitative survey that mainly aimed to classify knowledge and to investigate the role of AM as a lever in improving firms’ value chains through an exploration of possible intersections with business models and impacts of implementation, possible sustainability scenarios and challenges it may face within Industry 4.0 context

Financial contagion and globalization : evidence from South Asian countries

This study investigates the contagion and globalization between the South Asian (Pakistan, India, Bangladesh and Sri Lanka) and five largest economies (US, UK, China, Japan and Germany) stock markets. Daily stock returns data from 1st July 1997 to 30th June 2015 consisting of total 4695 observation is analyzed. DCC GARCH is applied to calculate the conditional correlation coefficients to overcome the issue of heteroscedasticity. Null hypothesis of no globalization got rejected eleven times out of twenty while the hypothesis of no contagion got rejected six times. Further analysis of conditional correlation coefficients confirmed the impact of 9/11 attacks, Subprime mortgage crises and Europeans debt crises on the Indian market. Impact of 9/11 attacks also found on Pakistani and Sri Lankan stock exchanges, while Dhaka stock exchange remained independent of all shocks. In sum, the South Asian stock markets remained isolated from the global shocks except India. Isolation of South Asian stock markets from the global shocks is due to their lower integration with the global markets. This study provides some useful recommendations to the investors and policy makers. Results suggests that Indian stock exchange get contagion impact from the major economies, so authorities of India should have to take measure to decouple the market from the global shocks. The markets of Bangladesh, Sri Lanka and Pakistan are not properly integrated with global financial system, so the authorities of these countries should have to take proper steps to liberalize the markets. This paper presents the first empirical study on financial contagion and globalization of South Asian countries.peer-reviewe

The role of additive manufacturing in industry 4.0: An exploration of different business models

Purpose: The rising interest in the integration of digital advanced manufacturing and production systems in the Industry 4.0 context is one of the main factors in the introduction of Additive Manufacturing (AM). The novel technology might change the way firms operate, and the way they interact with consumers, opening new horizons for an improved profit margin and more sustainable business models. The research presented a comprehensive review on the potent role of AM in adhering to customers’ complicated and unique needs using various technologies and techniques, as it discussed the role of AM in introducing new business models that increase the business competitiveness and profitability through an optimisation of production processes. In addition, AM is grasping with innovative solutions varying from waste reduction to shorter supply chains to longer products lifecycle, incentivising firms to adopt it for the economies realised on materials, energy, and costs. Notwithstanding, AM implementation is still in its infancy and faces technical challenges of capability, IT integration, and outcomes. Design/Methodology/approach: This research is based on a quantitative approach that was administered online by means of a highly structured online survey, which aim was to collect primary data that fills the gaps of the research hypotheses due to the lacking nature of research papers exploring them. Therefore, the literature review was a paramount phase in acquiring empirical knowledge about the problem background and concept boundaries that shaped the topic’s core objectives and research questions from the lacking nature of explored areas. Findings: This research investigated the role of AM in industry 4.0 by exploring its impact and intersection with AM firms’ business models while exposing the limitations and challenges to its adoption within industrial contexts. The study highlighted that the AM positive impacts on companies’ business models on the value chain and turnover. This study also revealed the eco-design prospect of AM that will be helpful for different firms to rethink their business models shaping them to be more cost-efficient. Originality: This research gave insight on AM technology through a quantitative survey that mainly aimed to classify knowledge and to investigate the role of AM as a lever in improving firms’ value chains through an exploration of possible intersections with business models and impacts of implementation, possible sustainability scenarios and challenges it may face within Industry 4.0 context

Production and Maintenance in Industries: Impact of Industry 4.0

Purpose: Production industries are undergoing a digital transition, referred to as the fourth industrial revolution or Industry 4.0, as a result of rapidly expanding advances in information and communication technology. The purpose of this research is to provide a conceptual insight into the impact of unique capabilities from the fourth industrial revolution on production and maintenance tasks in terms of providing the existing production companies a boost by making recommendations on areas and tasks of great potential. Design/methodology/approach: A survey and a literature review are among the research methods used in the research. The survey collected empirical data using a semi-structured questionnaire, which provided a broad overview of the company's present condition in terms of production and maintenance, resulting in more comprehensive and specific information regarding the study topics. Findings: The study points out that, the implementation of I4.0-technology leads to an increase in production, asset utilization, quality, reduced machine down time in industries, and maintenance. Sensor technology, big data analysis, cloud technologies, mobile end devices, and real-time location systems are now being implemented to improve production processes and boost organizational competitiveness. Moreover, the study highlights that data acquired throughout the production process is utilized for quality control, predictive maintenance, and automatic production control. Furthermore, I4.0 solutions help companies to be more efficient with assets at each stage of the process, allowing them to have a stronger control on inventories and operational-optimization potential. Originality: The findings of the study was supported by empirical data collected through survey that provides an intangible understanding of the importance of distinctive capabilities from the I4.0 revolution on production and maintenance tasks. In this study, some recommendations and guidelines to enhance these tasks are provided that are vital for existing production companie