Tag: Pakistan

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Floodwater of Sutlej River sweeps Indian national into Pakistan

July 26, 2023

Lahore: A deaf Indian citizen who was swept into Pakistan by floodwaters of the Sutlej River has been handed over ...

National

Ready to cross LoC if need arises, civilians should be ready to support forces: Rajnath Singh

July 26, 2023

Drass (Ladakh): Defence Minister Rajnath Singh Wednesday said India is ready to cross the Line of Control (LoC) to maintain ...

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

International

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 ...

Sports

Pakistan announce women’s squad for Asian Games; Anoosha Nasir, Shawaal Zulfiqar earn maiden call-ups

July 25, 2023

Lahore: Left-arm spinner Anoosha Nasir and right-handed batter Shawaal Zulfiqar Tuesday got maiden call-ups in Pakistan's senior women's squad for ...

National

BSF foils smuggling bid in J&K’s Ramgarh, neutralizes Pakistani smuggler

July 25, 2023

Jammu: A Pakistani smuggler was neutralized after alert BSF troops foiled a Narco smuggling bid in the Ramgarh sector of ...

International

Pakistan, US agree to enhance bilateral defence ties

July 24, 2023

Islamabad: Pakistan and the US Monday agreed to further enhance their bilateral relations, including in the defence field, at a ...

Home News

PML-N proposes Pakistan Finance Minister Ishaq Dar as interim PM

July 24, 2023

Islamabad: The ruling Pakistan Muslim League-Nawaz (PML-N) party has the proposed name of Finance Minister Ishaq Dar as the next ...

International

Pakistan Supreme Court bars authorities from arresting Imran Khan in lawyer murder case till Aug 9

July 24, 2023

Islamabad: Pakistan's former prime minister Imran Khan appeared before the Supreme Court here Monday which barred the authorities from arresting ...

Sports

Sri Lanka in trouble after electing to bat first against Pakistan in 2nd test

July 24, 2023

Colombo: Sri Lanka's top order continued to struggle against Pakistan's quicks as Naseem Shah and Shaheen Afridi made early inroads ...

Feature

Love knows no borders: Married Rajasthan woman reaches Pak to meet FB friend

July 24, 2023

Jaipur: At a time when Seema Haidar from Pakistan is making news for crossing boundaries and barriers to reach India ...

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Editorial

More Campaigns

July 29, 2026

A debate is spreading across India. The Cockroach students movement recently succeeded within a few days at forcing change that...

July 28, 2026

Better late than never. Two days after the resignation of Union Education Minister Dharmendra Pradhan, the Supreme Court has stated...

July 27, 2026

A quote from Milan Kundera goes thus: The final stage of a cultural movement is satire. When the people laugh...

July 26, 2026

By Aakar Patel Many are puzzled by the size of the current protests and the speed with which they sprang...

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