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Horoscope May 12, 2023: Wishes of Aquarius folks will come true; check predictions for other signs

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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...

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Kolkata: Yashasvi Jaiswal continued his sensational run in the IPL by smashing the fastest fifty in tournament history as Rajasthan...

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Bhubaneswar: Odisha is reeling under intense heat, with half of the state recording temperatures above 40 degrees Celsius, the India...

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Jaipur: Dissident Congress leader Sachin Pilot began a 125-km foot march from Ajmer to Jaipur Thursday, challenging Chief Minister Ashok...

S Jaishankar to visit North & South America to boost bilateral ties

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Dhaka: External Affairs Minister S Jaishankar arrived in Bangladesh Thursday to attend the '6th Indian Ocean Conference 2023' which will...

Chahal’s 4/25 helps RR restrict KKR to 149/8

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Kolkata: Yuzvendra Chahal became IPL's leading wicket-taker before completing a brilliant four-wicket haul as Rajasthan Royals restricted Kolkata Knight Riders...

India draw Australia, Syria in tough Group B in Asian Cup

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Doha: The Indian men's football team on Thursday drew a tough group as it was clubbed with heavyweights Australia, Syria...

Chief Minister Neiphiu Rio expresses concern over Manipur violence

Manipur violence seems ‘pre-planned’, President’s Rule must be imposed in state: Cong

May 11, 2023

New Delhi: The Congress Thursday alleged that the Manipur violence seemed "pre-planned" and demanded immediate imposition of President's Rule in...

Abhishek Manu Singhvi (Image Courtesy: PTI)

Cong terms SC verdicts on Maha row, Delhi services as ‘path-breaking’, ‘slap’ on BJP

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New Delhi: The Congress Thursday described the Supreme Court's verdicts on the Maharashtra political row and Delhi government's powers as...

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

US dollar hits 300 rupees barrier amidst protests in cash-strapped Pakistan

May 11, 2023

Karachi: For the first time in Pakistan's history, the US dollar Thursday hit the 300 rupees barrier against the local...

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