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US Congressional delegation meets EAM S Jaishankar

August 16, 2023

New Delhi: A US Congressional delegation Wednesday met External Affairs Minister S Jaishankar and discussed ways to further expand India-US...

BJP Central Election Committee meets to discuss state poll preparations

August 16, 2023

New Delhi: The BJP's Central Election Committee, whose members include Prime Minister Narendra Modi and other senior leaders, met here...

List of gender unjust terms issued by Supreme Court

August 16, 2023

New Delhi: The Supreme Court Wednesday launched a handbook on stereotype gender unjust terms and suggested alternative words and phrases...

Enforcement Directorate challenges anticipatory bail to Robert Vadra, claims non-compliance with bail conditions

August 16, 2023

New Delhi: The Enforcement Directorate (ED) Wednesday challenged in the Delhi High Court the anticipatory bail granted to Robert Vadra,...

Assumptions made about woman’s character based on clothing, sexual history: SC handbook

August 16, 2023

New Delhi: The Supreme Court Wednesday said assumptions are often made about a woman's character based on her expressive choices...

Those facing arbitrary arrest or threatened demolition must find voice in SC: CJI

August 16, 2023

New Delhi: Chief Justice of India (CJI) D Y Chandrachud has said the real strength of the judicial system is...

False allegations of illicit relationship, denial of cohabitation amounts to cruelty to spouse: High Court

August 16, 2023

New Delhi: False allegations of illicit relationship are the ultimate kind of cruelty as they reflect a complete breakdown of...

Wipro launches centre of excellence on generative AI at IIT Delhi

August 16, 2023

New Delhi: IT major Wipro Wednesday announced the launch of a new Center of Excellence on generative artificial intelligence (AI)...

SOP for government officials in courts: Online appearance, avoiding comments on physical appearance, reasonable time frame for compliance

August 16, 2023

New Delhi: Appearance through video conferencing, refraining from making comments on the physical appearance and educational background of government officials...

Smuggling of US dollars to Afghanistan hurting Pakistan's economy Karachi: The Pakistani currency is under pressure owing to the ongoing political unrest in the country and the smuggling of US dollars to Afghanistan, media reports said on Tuesday. "Pakistan is currently dealing with problems on several fronts, the political crisis being the first and biggest one. The dollar crisis is also connected with it," Malik Bostan, the Chairman of the Exchange Companies Association of Pakistan (ECAP), said at a news conference, The News reported. About $2 billion goes to Afghanistan from Pakistan in the form of official and unofficial trade, misuse of Afghan transit trade, smuggling and through the borders, claimed Bostan, adding that these factors are burdening Pakistan's foreign exchange reserves. Currently, Pakistan's economy is suffering irreparable harm because of the Afghan transit trade, which has grown significantly. A significant portion of the dollars travelling from Pakistan to Afghanistan passes through the Afghan transit trade, and both Afghan and Pakistani traders are involved in this anti-national activity, he added, The News reported. To lower the import bill, the government imposed high duties on many luxury goods. "Our traders and importers thought that why should they pay a 200 per cent duty to the Pakistani government," Bostan said, adding that they operate a global network, accepting payments through hundi/hawala in Dubai, London, Europe, America, Saudi Arabia, and everywhere else. "They bring their items here in the name of Afghan transit, travelling from our port to Afghanistan and then returning to Pakistan in small trucks. Numerous importers from Pakistan who participate in this atrocious practice not only fail to pay import duties, which costs the national exchequer billions of rupees, but also prevent dollars from entering the country," he said. When the Afghan Taliban established a transition government in August 2021, the Pakistani rupee was trading at 155, the country's foreign exchange reserves were $22 billion, and its import bill was $4.5 billion. According to Bostan, today the rupee has fallen to almost 225 in the interbank market and 235 per dollar in the free market, The News reported. He claimed that every month, about $3 billion in remittances were sent to Pakistan. The remittance flows have now decreased to $2 billion. "Where does this monthly $1 billion go? Because we are paying remittances at 225 rupees for every dollar, this $1 billion per month has become the sight of Afghan transit. The hawala/hundi operators are giving those 270 for every dollar," Bostan said. IANS Pakistan, Afghanistan, economy

Pakistan Rupee continues free fall, depreciates 1.16 per cent against US dollar in interbank & open market

August 16, 2023

Karachi: The Pakistani currency depreciated by 1.16 per cent against the US dollar in both interbank and open markets, continuing...

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Editorial

The Global Polytunity

October 31, 2025

By Yuen Yuen Ang Conflicts, trade wars, inequality, and democratic decay fill today’s headlines. Each crisis appears to be feeding...

October 30, 2025

By Senem Aydın-Düzgit US President Donald Trump’s ferocious assault on American institutions over the last nine months is a particularly...

October 29, 2025

The existence of bogus voters in the electoral rolls prepared by the Election Commission of India (ECI) has always been...

October 28, 2025

China is going through the motions of yet another purge in the top echelons of power and this time the...

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