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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...

Indian Air Force to host mega multilateral air exercise next year

August 16, 2023

New Delhi: The Indian Air Force (IAF) will host a mega multilateral military exercise next year that was originally planned...

Burger King stops using tomato in food preparations

August 16, 2023

New Delhi: Fast food chain Burger King has stopped using tomatoes in its food preparations, joining the list of other...

Odisha CM sanctions Rs 39 crore for construction of three bridges in Bargarh

August 16, 2023

Bhubaneswar/ Bargarh: Odisha Chief Minister Naveen Patnaik Wednesday sanctioned Rs 39 crore for construction of three bridges in Bargarh district...

Y20 summit to be held in Varanasi between August 17-20

August 16, 2023

Varanasi (UP): Over 100 delegates from G20 countries, other guest countries and international organisations will participate in the Y20 summit...

Cabinet nod to seven multi-tracking projects of Indian Railways

August 16, 2023

New Delhi: The Cabinet Committee on Economic Affairs Wednesday approved seven multi-tracking projects of Indian Railways at an estimated cost...

Lok Sabha Speaker Om Birla calls on Vice President Jagdeep Dhankhar

August 16, 2023

New Delhi: Lok Sabha Speaker Om Birla Wednesday met Vice President Jagdeep Dhankhar, days after the Monsoon session of Parliament...

Odisha school teachers go on three-day protest over 21-point charter of demands

August 16, 2023

Bhubaneswar: Scores of teachers under the banner of ‘Odisha Secondary School Teachers' Association' Wednesday started a three-day-long day-night protest at...