Money in Swiss Banks: Pakistan overtakes India

[Sky lord]

Money in Swiss Banks: Pakistan overtakes India


ZURIC: Defying a global trend, money kept by Pakistani nationals in Swiss banks has risen by over 16 per cent to 1.5 billion francs (over Rs 10,000 crore), exceeding that of Indians.

As per the latest data released today by Switzerland's central bank SNB (Swiss National Bank), the total funds linked to Pakistan in Swiss banks stood at CHF 1,513 million at the end of 2015, up nearly 16 per cent from CHF 1,301 billion a year ago.

This included funds amounting to CHF 1,477 million held directly by Pakistani nationals and entities and CHF 36 million through fiduciaries or wealth managers.

This is the second straight year of rise in Pakistan- linked funds in Swiss banks, while the same for India has fallen for the second consecutive year and stood at CHF 1,217 million (Rs 8,392 crore) at the end of 2015 - a decline of 33 per cent.

This is the first time in the last three years that the funds linked to Pakistan in Swiss banks have exceeded that of Indians.

In case of China, the total funds declined from CHF 8.16 billion to CHF 7.4 billion.


A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation.

The money of US clients in Swiss banks fell to CHF 195 billion in 2015, from CHF 244 billion a year ago, though the same for the UK clients surprisingly rose from CHF 321 billion to CHF 345 billion.

However, these official figures disclosed by SNB do not include the money that the foreign clients of Swiss banks might have kept in the name of shadow entities or shell companies.

Also, these figures do not indicate towards the quantum of alleged black money, which has been a matter of a major political debate in various countries including India and Pakistan.

As per the SNB data, the total funds linked to Pakistan in Swiss banks stood at a record high level of CHF 3.43 billion in the year 2001, but has come down considerably since then.

By 2013, it fell to as low as CHF 1.23 billion, the lowest since 1996 since when this data is available. However, it has risen by 6 per cent and 16 per cent during the last two years 2014 and 2015, respectively.

In case of India, the quantum of such funds has fallen in the last two years.

http://economictimes.indiatimes.com...stan-overtakes-india/articleshow/52991078.cms

 

[Sky lord]

I wonder if at least some portion of this is because Indians have moved their funds to the Cayman Islands or somewhere like that ?

 

[GURU DUTT]

I wonder how much of this is because Indians have moved their funds to the Cayman Islands or somewhere like that ?

these days most of them have invested there money in diffrent MNC corporation and companies , properties and hospitality industry and financial markets and major part of there moeny now is untracebale only 15% of total black moeny from india is stached in swiss banks or other tax hevens

 

[Sky lord]

these days most of them have invested there money in diffrent MNC corporation and companies , properties and hospitality industry and financial markets and major part of there moeny now is untracebale only 15% of total black moeny from india is stached in swiss banks or other tax hevens

I wouldn't be surprised if that were true. Indian thieves may be more sophisticated than Pakistani thieves !

Do you have a source?

 

[GURU DUTT]

I wouldn't be surprised if that were true. Indian thieves may be more sophisticated than Pakistani thieves !

Do you have a source?

no sirji no source but as per altest inputs more than 80% "choree ka maal" of owr top past and present beurocrats , politicians and judiciarry and criminals is chanelled back into emerging economies and opportunities and india is one of the biggest recipient and most of this money is chanelled from fictitous companies from GCC states into our share market and infra schemes

 

[RoadRunner401]

Defying a global trend, money kept by Pakistani nationals in Swiss banks has risen by over 16 per cent to 1.5 billion francs (over Rs 10,000 crore), exceeding that of Indians.

I fixed it:

Defying a global trend, money kept by Pakistani national Asif Zardari in Swiss banks has risen by over 16 per cent to 1.5 billion francs (over Rs 10,000 crore), exceeding that of Indians.

 

[TejasMk3]

I wonder if at least some portion of this is because Indians have moved their funds to the Cayman Islands or somewhere like that ?

No one actually keeps money in the bank like that, it's always given to others like benamis etc, esp when "We are coming to get your black money" has been uttered soo many times.

For ex. large parts of the film industry is financed by political money, it is one of the best ways to convert black to white. IMO the black money outside thing is very minor compared to the cash thats going around inside India in films,real estate etc.

 

[Blue Marlin]

Money in Swiss Banks: Pakistan overtakes India
Zurich, Jun 30, 2016, (PTI)

Defying a global trend, money kept by Pakistani nationals in Swiss banks has risen by over 16 per cent to 1.5 billion francs (over Rs 10,000 crore), exceeding that of Indians.

As per the latest data released today by Switzerland's central bank SNB (Swiss National Bank), the total funds linked to Pakistan in Swiss banks stood at CHF 1,513 million at the end of 2015, up nearly 16 per cent from CHF 1,301 billion a year ago.

This included funds amounting to CHF 1,477 million held directly by Pakistani nationals and entities and CHF 36 million through fiduciaries or wealth managers.

This is the second straight year of rise in Pakistan- linked funds in Swiss banks, while the same for India has fallen for the second consecutive year and stood at CHF 1,217 million (Rs 8,392 crore) at the end of 2015 - a decline of 33 per cent.

This is the first time in the last three years that the funds linked to Pakistan in Swiss banks have exceeded that of Indians.

In case of China, the total funds declined from CHF 8.16 billion to CHF 7.4 billion.

A number of other major countries also saw their funds falling in Swiss banks amid a global clampdown against the erstwhile banking secrecy walls in the Alpine nation.

The money of US clients in Swiss banks fell to CHF 195 billion in 2015, from CHF 244 billion a year ago, though the same for the UK clients surprisingly rose from CHF 321 billion to CHF 345 billion.

However, these official figures disclosed by SNB do not include the money that the foreign clients of Swiss banks might have kept in the name of shadow entities or shell companies.

Also, these figures do not indicate towards the quantum of alleged black money, which has been a matter of a major political debate in various countries including India and Pakistan.

As per the SNB data, the total funds linked to Pakistan in Swiss banks stood at a record high level of CHF 3.43 billion in the year 2001, but has come down considerably since then.

By 2013, it fell to as low as CHF 1.23 billion, the lowest since 1996 since when this data is available. However, it has risen by 6 per cent and 16 per cent during the last two years 2014 and 2015, respectively.

In case of India, the quantum of such funds has fallen in the last two years

http://www.deccanherald.com/content/555215/money-swiss-banks-pakistan-overtakes.html

quick fact theres over $300 billion in pakistani money overseas $100 billion of which was in panama
$97 billion in credit suisse in switerland and the reminder still in switerland thats just 2 countries
the pakistani gdp is only $285 billion. looks like pakistanis dont care about their own country

 

[neem456]

With sheer size of india and economy, pakistan should not be overtaking india in this department. Its a major worry.

 

[Rajaraja Chola]

Many may not know. But Singapore, HK and Dubai has lots of Indian money stashed but no one speaks about them. I believe money has been moved by now to other banks and areas.

Investment in Casinos have become attractive. Or so I hear,

 

[Dawood Ibrahim]

Both side are saying invest in their respective countries and they are taking the money abroad themselves.

 

[Jaam92]

But we are waiting for Another Panam or wiki Leaks
We are little lazy guys that's why we are enjoying all these target killing, terrorism, corruption, etc
We do not stand for anything good or bad and we are proud of it

 

[Kao Boy]

pehlay swizerland jaingay or phir UK 32 offshore companies hain wahan
lekin winter m jaingay

Set hai ban gaya program... apna apna hissa milte hi.. ek ek savings a/c khulwa lenge in Swiss bank (with passbook).

 

[Manidabest]

well we shouldnt be proud or happy about it ... we must bring that money back to Pakistan if it has been transferred by corrupt politicians, bureaucrats & businessmen... panama leaks is just a tip of an iceberg there are many more places like bahamas and caymen island also we should forget investment in properties around the world to hide the wealth

 

[JohnyD]

Indians who have withdrawn the money after an alert from Jaitely, have actually redeposited the same amount through pakistan route..very innovative and safe modus of operandi ...we have no treaties with pak neither there are any chances of any such treaties in coming few decades...what an idea basterji!

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