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Betting companies in Pakistan to face action for moving untaxed money out of country

02:05 PM | 31 Oct, 2023
Betting companies in Pakistan to face action for moving untaxed money out of country
Source: representational picture

ISLAMABAD – In recent times, several betting companies have exploded in popularity in Pakistan, with a lot of people joining platforms to win cash prizes or other financial rewards.

Amid the growing trend of e-betting, Pakistani authorities started a crackdown against over 150 surrogate betting companies that are causing damages worth billions of dollars by shifting piles of money, mostly in the form of dollars, to hostile nations.

Reports shared in local media suggest that these betting companies operate digital platforms for gambling and betting activities on cricket and other sports.

The country’s information minister told a media house that civil and military authorities are after these betting companies, saying these companies are causing losses in billions.

The reports further stated that most of the illegal money from these apps shifted to India.

Earlier, information ministry warned PCB, PSL, private leagues, TV channels, radio broadcasters, digital platforms, newspapers, magazines and other advertisement platforms not to make any agreements and business relations with any betting company.

Officials maintained that these companies are promoting corruption and other nefarious agenda in country, besides damaging economy by moving untaxed money out of the country.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate against US dollar, Euro, Pound and Riyal – March 3, 2024

Pakistani rupee remains largely stable against USD and other currencies in the open market on March 3, 2024 (Sunday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.3 for buying and 282.45 for selling.

Euro currently stands at 302.5 for buying and 305.5 for selling while British Pound rate stands at 354 for buying, and 359 for selling.

UAE Dirham AED hovers at 76.3 whereas the Saudi Riyal saw slight increase, with new rates at 74.5.

Today’s currency exchange rates in Pakistan – March 3, 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar ‎USD 279.3 282.45
Euro EUR 302.5 305.5
UK Pound Sterling GBP 354 359
U.A.E Dirham AED 76.3 77
Saudi Riyal SAR 74.5 75.3
Australian Dollar AUD 181 183
Bahrain Dinar BHD 737.97 745.97
Canadian Dollar CAD 207 209.2
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.23 40.63
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.1 2.18
Kuwaiti Dinar KWD 901.62 910.62
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 168.97 170.97
Norwegians Krone NOK 26.54 26.84
Omani Riyal OMR 725.68 733.68
Qatari Riyal ‎QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.13 27.43
Swiss Franc CHF 314.07 316.57
Thai Bhat THB 7.74 7.89

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