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

May 11, 2023

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...

IMF staff in Sri Lanka check on progress on bailout programme ahead of upcoming review in September

May 11, 2023

Colombo: The IMF, which extended a $ 3 billion bailout facility to debt-ridden Sri Lanka, is currently on a consultation...

Bank of England raises UK interest rates to highest level since 2008

May 11, 2023

London: The Bank of England raised interest rates to their highest level since late 2008 as it continues to combat...

ED to confiscate J’khand IAS officer Singhal’s assets as adjudicating authority grants approval

May 11, 2023

New Delhi: An order for attaching assets worth more than Rs 82 crore of Jharkhand cadre IAS officer Pooja Singhal...

Govt to re-allocate Go First’s Haj flights to IndiGo, two Saudi carriers

May 11, 2023

New Delhi: The government has decided to re-allocate the Haj flights that were to be operated by crisis-hit Go First...

Railways offers reservation, age relaxation, exemption from physical tests for Agniveers

May 11, 2023

New Delhi: The Railways will provide a cumulative reservation of 15 per cent in non-gazetted posts to Agniveers in direct...

India uses technology to empower, not to show dominance: PM Modi

May 11, 2023

New Delhi: Prime Minister Narendra Modi Thursday hailed the 1998 nuclear tests in Pokhran as one of the most glorious...

1998 Pokhran Nuclear Tests (Image: mpparimal/Twitter)

India marks 25th anniversary of 1998 Pokhran nuclear tests

May 11, 2023

New Delhi: The 1998 Pokhran nuclear tests sent a message to the world that although India is a peace-loving nation,...

Odisha: Today’s Pics

May 11, 2023

A man prepares bangles at Choudhury Bazaar Chuna Bhati Lane in Cuttack ahead of Savitri Brata Underground drain construction...

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