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

July 25, 2023

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

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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

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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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New Delhi: Floor leaders of opposition parties who are part of the INDIA alliance will hold a meeting Wednesday morning...

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India to play three ODIs, eight T20s & five Tests in 2023-24 Home season

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New Delhi: India will get to fine-tune their World Cup preparations with a three-match ODI series against Australia besides playing...

Jamiat Ulema-e-Hind chief Mahmood Madani

UCC can jeopardise principles of religious diversity, minority rights, justice, says Mahmmod Madani

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New Delhi: Jamiat Ulema-e-Hind chief Maulana Mahmood Madani has claimed that implementation of the Uniform Civil Code could jeopardise the...

National Investigation Agency attaches three properties in terror-gangster-drug smuggler nexus case

July 25, 2023

New Delhi: The NIA has attached three properties owned by suspected members of organised crime syndicates in Haryana and Delhi,...

Murmu reaches Odisha on three-day tour

July 25, 2023

Bhubaneswar: President Droupadi Murmu received a rousing welcome when she reached Bhubaneswar Tuesday, the day she completed a year in...

Home Minister Amit Shah writes to Mallikarjun Kharge, Adhir Ranjan Chowdhury on holding Manipur debate; seeks ‘invaluable cooperation’

July 25, 2023

New Delhi: Union Home Minister Amit Shah Tuesday wrote to leaders of opposition Mallikarjun Kharge and Adhir Ranjan Chowdhury seeking...

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