A detailed report by the Intelligence Bureau on smuggling, tax evasion, drug trade, illegal currency business and misuse of Afghan transit trade shows how different mafias are hugely haemorrhaging the country’s economy.
The IB’s report submitted to the government also highlights what the agency is doing to check the economic terrorism threatening Pakistan.
According to the report, just the illegal supply of Iranian POL products alone causes an annual loss of at least Rs225 billion to the national exchequer. Smuggled Iranian oil is usually sold at illegal roadside petrol outlets but has now even found its way to regular petrol pumps nationwide.
Exhaustive anti-smuggling efforts by IB, says the report, resulted in identifying 76 transporters and 29 smugglers and facilitators involved in the smuggling of Iranian oil. per the report, 995 illegal and unlicensed petrol pumps across the country were also identified for being involved in selling and purchasing smuggled Iranian oil.
On the issue of the massive devaluation of the Pak rupee, the report says that the volatility in the stock market and imposition of capital gain taxes in real estate and capital markets resulted in investors with black money diverting their capital towards foreign currencies so as to capitalize on the weak economic fundamental-induced exchange rate devaluation.
