Tag: Imran Khan

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Islamabad High Court grants two-week bail to Imran Khan in corruption case

May 12, 2023

Islamabad: A special bench of the Islamabad High Court (IHC) Friday granted bail to former Pakistan prime minister Imran Khan ...

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Lahore police leaves for Islamabad for Imran Khan’s arrest: Report

May 12, 2023

Lahore: A team of Lahore police has left for Islamabad to arrest Pakistan's former prime minister Imran Khan in a ...

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Imran Khan arrives Islamabad HC for pre-arrest bail in graft case

May 12, 2023

Islamabad: Pakistan's former prime minister Imran Khan Friday arrived at the Islamabad High Court (IHC) for his pre-arrest bail in ...

Imran Khan - China - Pakistan Economic Corridor

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Two senior leaders from Imran Khan’s party arrested

May 12, 2023

Islamabad: Two senior leaders of Imran Khan's party were arrested Friday as the Pakistan government launched a crackdown on the ...

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‘What is the Chief Justice doing?’ Imran’s audio leak surfaces

May 12, 2023

Islamabad: A new audio leak of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan has surfaced in which he was purportedly talking ...

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

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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Pak Supreme Court declares Imran Khan’s arrest ‘illegal’, orders his immediate release

May 11, 2023

Islamabad: In a major relief for Imran Khan, Pakistan's Supreme Court Thursday declared the former prime minister's arrest "illegal" and ...

International

Imran Khan’s party denies involvement in violent clashes

May 11, 2023

Islamabad: Pakistan's main opposition party Thursday denied any involvement in the violent protests that erupted after the arrest of its ...

International

Pak Foreign Minister Bilawal asks Imran Khan’s party to ‘not make matters worse’, against banning the party

May 11, 2023

Karachi: Pakistan Foreign Minister Bilawal Bhutto-Zardari Thursday asked Imran Khan's party to "not make matters worse" and end its violent ...

Protesting pti workers on the streets of Islamabad (Pic - IANS)

International

Senior PTI leaders arrested for inciting violence in Islamabad

May 11, 2023

Islamabad: Police in the Islamabad Capital Territory (ICT) Thursday said that Pakistan Tehreek-e-Insaf (PTI) leaders, including its Vice President Shah ...

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Editorial

Missing Deadlines

November 30, 2024

The Central Vista project is finally picking up steam, with a buzz around relocating key government ministries to swanky, high-tech...

November 27, 2024

It would be wrong for the BJP-led NDA government to dismiss as the Opposition’s disruptive tactic the furore in the...

November 26, 2024

The shadow of Donald Trump, with trade and economic uncertainties linked to his return to the White House in January...

November 25, 2024

I n what appears to be a pro-incumbency mandate, the Mahayuti coalition led by the BJP swept the Maharashtra Assembly...

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