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

[Vishwarupa]

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.

 

[Blackwater]

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

 

[rock127]

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

So Swiss banks have started telling the real invested money to all?

 

[Blackwater]

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

So Swiss banks have started telling the real invested money to all?

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

 

[rock127]

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

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

 

[Yusuf]

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

Is this being used to brag by Pakistan? JustAsking

 

[farhan_9909]

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

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

 

[p2prada]

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.

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

 

[DivineHeretic]

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.