Pakistan money in Swiss banks higher than India's: Switzerland data

Discussion in 'Pakistan' started by Vishwarupa, Jun 21, 2013.

  1. Vishwarupa

    Vishwarupa Senior Member Senior Member

    Joined:
    Sep 15, 2009
    Messages:
    2,029
    Likes Received:
    2,207
    Pakistan money in Swiss banks higher than India's: Switzerland data

    ZURICH/NEW DELHI: When it comes to money in Swiss banks, Pakistan has a slight edge over India with total funds amounting to 1,441 million Swiss francs (about Rs 9,200 crore) held there by Pakistani individuals and entities.


    However, this was the lowest level for such funds ever since Switzerland's central bank began compiling this data in 2002 and was less than half of the record high amount of over 3 billion Swiss francs recorded in 2005. The previous record low of 1.95 billion Swiss francs was seen in the year 2010.

    In their local currency, the total funds held by individuals and entities from Pakistan in Swiss banks stood at over 15,000 crore Pakistani rupees as on December 31, 2012.

    This marked a decline of nearly 32 per cent from 2,119 million Swiss francs (about Rs 23,000 crore Pakistani rupees) at the end of 2011, as per the latest annual report of Switzerland's central bank on banks operating in the country.

    The issue of alleged stashing of black money in Swiss banks has been a matter of intense debate in Pakistan, as there have been reports of some top former government leaders having kept their money in banks in the European country due to their hugely popular 'safe-haven' status.

    However, a higher amount than Indian entities assumes significance because Pakistan is a much smaller country in terms of population and area.

    Still, the quantum of money held by Swiss banks for their Pakistani clients was about 1.5 per cent higher than the equivalent figure for Indians at 1,421 million Swiss francs (about Rs 9,100 crore) at the end of 2012, the latest data compiled by Swiss National Bank (SNB) shows.

    Pakistan money in Swiss banks higher than India's: Switzerland data - The Times of India

    Can sooo much money be looted from POK, Baluchistan & Sind province? All this money is from India, US & KSA.

    Time for IMF, US & KAS to seize pakis account in Swiss bank.
     
    Last edited: Jun 21, 2013
    A chauhan likes this.
  2.  
  3. Blackwater

    Blackwater Veteran Member Veteran Member

    Joined:
    Jan 9, 2012
    Messages:
    20,982
    Likes Received:
    11,810
    Location:
    Akhand Bharat
    Re: Pakistan money in Swiss banks higher than India's: Switzerland dat

    Most of them will be Gernails , waderes cum siyasatdaan. all afgan drug and AID money went to swiss bank i suppose
     
  4. rock127

    rock127 Maulana Rockullah Senior Member

    Joined:
    Aug 12, 2009
    Messages:
    8,935
    Likes Received:
    10,279
    Location:
    India
    Re: Pakistan money in Swiss banks higher than India's: Switzerland dat

    So Swiss banks have started telling the real invested money to all? :hmm:
     
  5. Blackwater

    Blackwater Veteran Member Veteran Member

    Joined:
    Jan 9, 2012
    Messages:
    20,982
    Likes Received:
    11,810
    Location:
    Akhand Bharat
    Re: Pakistan money in Swiss banks higher than India's: Switzerland dat

    they have to tell ,after all paki money might be used in terrorism
     
  6. rock127

    rock127 Maulana Rockullah Senior Member

    Joined:
    Aug 12, 2009
    Messages:
    8,935
    Likes Received:
    10,279
    Location:
    India
    Re: Pakistan money in Swiss banks higher than India's: Switzerland dat

    Don't know about the Pakis but it's reported that Indian black money in Swiss banks is roughly $1 Trillion.
     
  7. Yusuf

    Yusuf GUARDIAN Administrator

    Joined:
    Mar 24, 2009
    Messages:
    24,272
    Likes Received:
    11,275
    Location:
    BANGalore
    Re: Pakistan money in Swiss banks higher than India's: Switzerland dat

    Is this being used to brag by Pakistan? JustAsking
     
    W.G.Ewald and arnabmit like this.
  8. farhan_9909

    farhan_9909 Tihar Jail Banned

    Joined:
    Aug 30, 2012
    Messages:
    5,895
    Likes Received:
    496
    Location:
    Abbottabad,Bannu
    Re: Pakistan money in Swiss banks higher than India's: Switzerland dat

    informal economy of pak is only 10% less than the formal GDP
     
  9. p2prada

    p2prada Stars and Ambassadors Stars and Ambassadors

    Joined:
    May 25, 2009
    Messages:
    10,233
    Likes Received:
    3,896
    Location:
    Holy Hell
    Re: Pakistan money in Swiss banks higher than India's: Switzerland dat

    If $1 Trillion was in Swiss banks as deposits, they would be right on top of the rich list.
     
  10. DivineHeretic

    DivineHeretic Senior Member Senior Member

    Joined:
    Jan 1, 2013
    Messages:
    1,050
    Likes Received:
    1,183
    Location:
    Assam
    Re: Pakistan money in Swiss banks higher than India's: Switzerland dat

    We already know that after the Swiss Banks began disclosing the account data of tax evaders, the money was very quickly shifted to less high profile destinations. Cayman Islands, Mauritious, Singapore, Macau, even Monacco and a host of other locations with similar secretive banking systems have gladly taken this money.
    Then there is the system of converting black money to white.

    Our elite class are sharp, they've learnt to distribute their hidden wealth to avoid raising red flags. The intelligence agencies, especially the Revenue intelligence have their ears and eyes full, trying to collect new intelligence.

    And about the $1 Trillion part, that would mean for every two Rupee entering the Indian legal system, a rupee was finding its way into the black market. Seems a bit too much IMO.
     
    Last edited: Jun 23, 2013
    W.G.Ewald and arnabmit like this.

Share This Page