P a k i / Pakki
(Primarily UK and Canada, sometimes the United States, New Zealand and India) a Pakistani or South Asian (or sometimes a Middle Eastern person). Within the UK, the term originated in Northern England, where a large number of South Asians arrived in the 1950s and 1960s. Used as a derogatory term directed towards South Asians (and sometimes Middle Eastern people), it is usually considered offensive when used by a non-Asian in the UK. In India, on the other hand, the term is used as a derogatory term directed specifically towards Pakistanis.
http://en.wiktionary.org/wiki/****
Usage notesThe abbreviation **** acquired offensive connotations in the 1960s when used by British tabloids to refer to subjects of former colony states in a derogatory and racist manner. In modern British usage "****" is typically used in a derogatory way as a label for all South Asians, including Indians, Afghans and Bangladeshis. To a lesser extent, the term has been applied as a racial slur towards Arabs and other Middle Eastern-looking groups who may resemble South Asians. During the 60's many emigrants were also dubbed as "black" to further segregrate them from the white community. Some would say such a division still exists in parts of England.
In recent times there has been a trend by second and third-generation British Pakistanis to reclaim the word. The word has been turned into a keepsake for the young British Pakistani community that is not acceptable for someone outside the community to say it, including Indians and Bangladeshis.