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Elderly man killed over suspected witchcraft in Odisha’s Sambalpur district

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Sambalpur: Miscreants brutally killed a man in front of his wife at Dimirikuda village under Kisinda police limits in Sambalpur...

Kapil Dev: Coping with expectations a major factor in India’s home World Cup campaign

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Bengaluru: India will enter the ICC World Cup 2023 as obvious favourites, and former captain Kapil Dev Tuesday said the...

Yashasvi Jaiswal, Mukesh’s emergence big plus but South Africa series will be real indicator

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New Delhi: Yashasvi Jaiswal presented a heady cocktail of patience and flair on debut but India's expected series win over...

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The famous blue bird – the iconic logo of Twitter for over a decade – has now been transformed into...

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Looking to discover what’s in store for the day? Want to know if she’ll say yes to your proposal if...

Money horoscope July 26: Check Rashifal today for astrology predictions of Aries, Taurus, Gemini, Cancer, Leo, Virgo and others

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Welcome to money and health Rashifal today for July 26, where horoscope gives you glimpses into your future thorough zodiac...

International Monetary Fund projects Indian economy to grow at 6.1 per cent in 2023

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Washington: The International Monetary Fund Tuesday projected a growth rate of 6.1 per cent for India in 2023, which is...

China sacks ‘missing’ foreign minister Qin Gang, reappoints Wang Yi

July 25, 2023

Beijing: China Tuesday sacked Foreign Minister Qin Gang and reappointed top diplomat Wang Yi to the post, ending the rare...

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

Pakistani rupee depreciates by Rs 1.8 against US dollar in interbank & open markets

July 25, 2023

Karachi: The Pakistani rupee lost value to the US dollar in the interbank and open markets Tuesday as the initial...

United Kingdom court orders Indian-origin lawyer to pay millions in fraud case

July 25, 2023

London: An Indian-origin lawyer who was convicted over a decade ago on fraud and money laundering charges has now been...

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Editorial

War Reality

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By Aakar Patel We are in the second month of what is settling in to become a long war and...

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By Dilip Cherian There’s a familiar outrage cycle in India: a project stalls, costs spiral, and we instinctively reach for...

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It is the fifth week running since US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu launched the war...

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While a big war is being waged in the Middle East, global attention has moved away from another theatre of...

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