Pakistanis own assets worth $150bn in UAE, SC told, estimated foreign accounts over $350bn

[RealNapster]

If we have that $350 billion we can afford to have almost two squadrons of F-35s.

A squadron is 16 jets in PAF. 2 means 32 jets. Each cost around 110-130 million. Thats about 3.5 billion. Which is 1% of 350 Billion dollars

 

[punit]

Take these fIg wIth truck load of salt.

 

[pzfz]

Let me just tell you one or two things.

In lasts 3-4 years Pakistanis have invested around 12B Usd in UAE. Its the amount which is on record. And you are saying it cant be over 3.5B. Pakistanis are not that much poor as you believe

https://www.geo.tv/latest/181616-fbr-seeks-details-of-pakistanis-illegally-owning-uae-real-estate

You're having a hard time understanding the difference between investments from Pakistan and bank cash holdings abroad of overseas Pakistani citizens. There's nothing there in terms of wasting your time, energy, and resources to try and "bring back" cash sitting in foreign banks.

The easier solution would be to incentivize investments in Pakistan (FDI and internal) by making Pak a better place to do business. That requires hard work. Pakistanis, as usual, cling on to pie in the sky solutions instead of doing the hard work.

 

[pzfz]

There's no harm in investigating to find out the claims are true or not. But as far as your assertion that Pakistani don't have even $3.5b legal or illegal is concerned then for your information in FY 2016-17 alone over $15b was remitted out of Pakistan through banking channels. this figure doesn't include transfers through illegal means like Hundi, Hawala, Ayyan Malik etc.

Please link the $15b claim. As far as i know it was the amnesty scheme which resulted in about $14.5b USD in declared domestic assets rather than money stashed abroad.

 

[AZADPAKISTAN2009]

It's a fake none sense


Pakistanis control their own fate

Pakistani in Europe & North America barely 2 Million people

Pakistani in Pakistan 200,000,000 (200 Million people) if every Pakistani pays $100 USD only 20 Billion dollar can be gathered by Government annually

This story of so called riches overseas is created so people will not address the real issue
Get people to pay tax or confiscated property



0.04% people pay taxes 80,0000 out of 200 Million people


Day dreaming about this Gold riches in Swiss bank is none sense , it is running away from real issue in country

 

[AZADPAKISTAN2009]

Since 2000 , even in Musharraf's time people focused on oh there are these Gold troves in
foreign land , we need to recover it



Why is this view so prominent ? Simple because it is the number 1 excuse used by anyone who does not pays taxes or civil dues !!! They claim .... well our money is in foreign land when that money comes we will change our habbit


It is 2018 now , and not a single gold bar ever came from overseas

• Late 1990's Nawaz (He said that he is Sending letter to foreign country)
• 2000's Mursharaf (He said that he is Sending letter to foreign country)
• 2010's Zardari (He said that he is Sending letter to foreign country)
• Recent present time 2013-Present Nawaz (He said that he is Sending letter to foreign country)

End result IMF loans

So we need to be realistic here and do what we need to fix !!!! Fix local taxation system
People who believe that there are some Banks full of Gold bars belonging to Pakistan
really need to wake up

 

[Sugarcane]

Please link the $15b claim. As far as i know it was the amnesty scheme which resulted in about $14.5b USD in declared domestic assets rather than money stashed abroad.

https://nation.com.pk/23-Jun-2018/pakistanis-remit-out-trillions-each-year

 

[pzfz]

https://nation.com.pk/23-Jun-2018/pakistanis-remit-out-trillions-each-year

More rumor and innuendo. Please don't force me to quote a character like khurram hussain. Crux of the matter is that the numbers are unrealistic, delusional, and even if true in an alternative universe, a gigantic waste of time since the task to "bring back" is next to impossible.

 

[Sugarcane]

More rumor and innuendo. Please don't force me to quote a character like khurram hussain. Crux of the matter is that the numbers are unrealistic, delusional, and even if true in an alternative universe, a gigantic waste of time since the task to "bring back" is next to impossible.

So, I should consider some nobody over PDF more credible than state bank of Pakistan's figures on inflows and outflows?

 

[!eon]

And those who have this money, always stay in power.
Remember they are not just politicians !

 

[thesolar65]

We also had trillions.....so some says. Kuch nahin nikalne wala.....sab phakad ram girdhari....pura kangal.

 

[HAIDER]

The Supreme Court was told on Monday that Pakistanis own around $150 billion worth of properties and assets in the UAE alone.

The revelation came in a report compiled and presented in court by chartered accountancy firm A.F. Ferguson. The report was submitted in connection with a SC case on Pakistani nationals' properties and bank accounts abroad. The firm, however, cautioned that the data be 'handled with care'.

"Such a massive amount is still parked abroad despite the amnesty scheme?" Chief Justice Mian Saqib Nisar asked those present.

State Bank of Pakistan (SBP) Governor Tariq Bajwa briefed the apex court on measures taken to recover the identified funds, saying: "Notices have been issued to the 125 people who have assets in the UAE. If they write on affidavits that they do have assets outside of Pakistan, we will interrogate and tax them. But if they deny that, then we can take the help of the UAE government and ask them to take action in accordance with benami properties law."
The SBP governor said that the Federal Investigation Agency, the National Accountability Bureau and other agencies' assistance had also been sought.

The chief justice expressed his dissatisfaction on the progress of the case, remarking that those concealing their assets abroad qualify for money laundering trials.

Shabbar Zaidi, the audit firm's chief, told the court that wealth is transferred outside Pakistan via two channels: "Havala and banking routes".

As regards the latter, he said: "Funds are moved abroad by showing it as agricultural income."

At this, Justice Umar Ata Bandial asked the SBP governor if a ban has been placed on transferring foreign exchange outside Pakistan.

"Only a sum of $10,000 is permitted to be taken outside of Pakistan," Bajwa said.

The SBP governor further said that a separate list of 225 Pakistani nationals who have properties in London has also been obtained.

Meanwhile, Attorney General Mansoor Ali Khan assured the court that the new government is "serious about bringing back the money".

"A task force has been formed under the PM's stewardship," the attorney general said. "The govt wants the apex court to provide guidance in this regard."
dawn.com

 

[AZADPAKISTAN2009]

The number is abnormally high Are we talking Dollar or Rupee ???
There is no way 150 Billion dollar is stuck in UAE belonging to Pakistani citizens

 

[HAIDER]

The number is abnormally high

Imagine the growth potential in Pakistan. Why few countries in the world love democracy in Pakistan, specially Zardari and Nawaz.

 

[925boy]

There is no way 150 Billion dollar is stuck in UAE belonging to Pakistani citizens

How is there "no way" $150bn of Pakistani money is in UAE? why not? When corruption is deep rooted, high level and persistent $bns move.