Pakistan has more funds stowed in Swiss Banks than India: Report

Published: June 21, 2013
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Swiss National Bank. PHOTO: AFP

Swiss National Bank. PHOTO: AFP

ZURICH/NEW DELHI: Pakistani individuals and entities have more money deposited in Swiss banks than their Indian counterparts, reported Press Trust of India on Friday. 

Pakistan money in Swiss banks amounts to about Rs92 billion (1,441 million Swiss francs).

Despite that, this is being reported as the lowest level of such funds since the central bank in Switzerland started compiling the relevant data in 2002.

It was also less than half of the record high amount of over 3 billion Swiss francs seen in 2005, reported Press Trust of India.

The previous low was recorded in the year 2010 when the funds held by entities and individuals in Pakistan amounted to 1.95 billion Swiss francs.

The current value depicts a decline of approximately 32 per cent since 2011 when the deposited funds were 2,119 million Swiss francs.

Revelations from the annual report of Switzerland’s central bank are important since there have been reports about former government officials in Pakistan allegedly being involved in the stashing of black money in the European country, for its “safe-haven” status.

The fact that Pakistan has a higher amount deposited than India can be a cause for concern since Pakistan is a much smaller country with respect to its population size and area.

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Reader Comments (43)

  • Indian Catholic
    Jun 21, 2013 - 10:03PM

    Now I agree, Pakistan is better than India.

    Recommend

  • Water Bottle
    Jun 21, 2013 - 10:11PM

    Nice.

    So, Pakistan is not so poor after all.

    Pakistan can make nukes and still eat alloo-ghosht (and not grass).

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  • Tom
    Jun 21, 2013 - 10:11PM

    Yea, rite.!!!

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  • Ahmad
    Jun 21, 2013 - 10:15PM

    No surprise here…

    Leaders ameer tareen
    Awaam ghareeb tareen
    Wah, Pakistan, Wah!!

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  • Dr Dang
    Jun 21, 2013 - 10:27PM

    Shame on India’s Politicians.
    Our boys are busy beating Pakistan in Cricket & here they lose.

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  • Zain
    Jun 21, 2013 - 10:30PM

    Most money is held through offshore corporations and not in individual accounts

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  • RB Mian
    Jun 21, 2013 - 10:41PM

    Obviously the Billions made in last 5 years had to go some where safe.

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  • Falcon
    Jun 21, 2013 - 10:48PM

    @Nadir:
    May be not the data for individuals but aggregated statistical data can be provided to governments. No?

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  • sm
    Jun 21, 2013 - 10:58PM

    Don’t know what is their to feel proud about it,for both Pakistanis and Indians. Swiss banks are not the only “safe heavens” in the world, there are many.No one still knows the exact figure of money that is looted by officials from the country, no one will ever know it either. But what is worrying is that Pakistan is being looted far more than India, Leaders are corrupt to the core.

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  • Mj
    Jun 21, 2013 - 11:00PM

    @ET:

    “Pakistan money in Swiss banks amounts to about Rs92 billion (1,441 million Swiss francs).”

    1,441 million francs are equal to $15.46 billion or Rs.1.546 trillion, not Rs.92 billion. It however remains to be seen if the report is trustworthy.

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  • Mirza
    Jun 21, 2013 - 11:20PM

    The news summary is that Pakistani deposits are an all time low in Swiss banks while they were all time high in 2005. Since that time they are decling at a fast rate.
    It is also interesting to see how some Pakistanis are taking the news from PTI as a page from holy book. All of a sudden India becomes trustwothy!

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  • Ali Tanoli
    Jun 21, 2013 - 11:25PM

    what a shame man just shame.

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  • Faqir Ipi
    Jun 21, 2013 - 11:27PM

    “Pakistanis are poor but Pakistan is not a poor country”, says one of the Swiss Bank Directors. He says that “28 trillions (28,000,000,000,000) of Pak Rupees are deposited in Swiss Banks which can be used for:

    “tax free” budgets for 30 years.

    Can give 6o million jobs to all Pakistan .

    Constructing 4 lane roads from any village to Islamabad .

    Ensure forever free supply to more than 500 social projects.

    Financial Assistance of Rs. 20,000 per month to every citizen for 60 years.

    Disbanding the need of World Bank and IMF loans.

    Think how our money is stolen and blocked by rich corrupt politicians, bureaucrats & others. We have full right to react against all these corrupt people.

    Don’t ignore and forgive corruption at any level in our country.

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  • Faqir Ipi
    Jun 21, 2013 - 11:27PM

    If the government is sincere & serious in catching the real tax-evaders, then Fairness & justice demand that bank accounts held by Pakistanis in secret accounts in Swiss banks and off-shore overseas accounts also be made accessible to FBR, because that is where the ‘big fish’ have parked their accounts. There is already a precedent since the United States government asked for details of secret Swiss Bank accounts of American citizens to catch tax-evaders. This proposal may also be included in the Budget.

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  • Shame
    Jun 21, 2013 - 11:37PM

    Why Pakistanis comparing with India on all aspects from Railways, Military,education democracy and corruption. Are they so obsessed with India, even after parting away from past 65 years.
    They should compare with any other Islamic countries like sudan somalia etc and not with fakirs Indians.

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  • just_someone
    Jun 21, 2013 - 11:39PM

    @Mj:

    son, a thousand million is one billion. so for once, ET is correct!

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  • Zia Syed
    Jun 21, 2013 - 11:56PM

    And so is expected.

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  • RHS
    Jun 21, 2013 - 11:56PM

    At least we are beating the Indians at SOMETHING!

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  • B
    Jun 22, 2013 - 12:00AM

    I will not agree to your statement. I think my country India is more corrupt than Pakistan through they are always copying Indian on it policies to be more corrupt.Recommend

  • PRO PAK
    Jun 22, 2013 - 12:07AM

    i dont believe this report because press of india!!

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  • Saad
    Jun 22, 2013 - 12:25AM

    You can at least use one consistent currency or if the data is available in different currencies, convert it one standard currency.

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  • Baby ka Husband
    Jun 22, 2013 - 12:39AM

    @Water Bottle:
    Right on. I love your comment.

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  • Babloo
    Jun 22, 2013 - 1:26AM

    Pakistan wins again !!!!

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  • Naresh
    Jun 22, 2013 - 1:28AM

    @Mj Ji :
    .
    *“Pakistan money in Swiss banks amounts to about Rs92 billion (1,441 million Swiss francs).”*
    .
    *1,441 million francs are equal to $15.46 billion or Rs.1.546 trillion, not Rs.92 billion. It however remains to be seen if the report is trustworthy.*
    .
    1.441 Million Swiss Francs = 1.442 Billion Swiss Francs
    ;
    One Swiss Franc = 1.07 U S Dollar
    .
    Thus 1.441 Billion Francs = 1.54187 Billion U S Dollars
    .
    At US$ 1 = PKR 98.9354, US$ 1.54187 = PKR 152.5455 Billion
    .
    CheersRecommend

  • Mirza
    Jun 22, 2013 - 1:47AM

    @just_someone:
    @Mj:
    There have been two ways to count billion.
    A million million is a billion.
    Also in the US a thousand million is a billion. Take your pick which systme do you like.

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  • Imran Cheema
    Jun 22, 2013 - 2:56AM

    And this is only the Swiss banks. If you include the other tax havens we can easily eliminate the poverty from this whole region called sub continent.

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  • khan
    Jun 22, 2013 - 3:57AM

    This is wrong figure 92 bllion ruppees means hardly 1 billion dollar according to one swss bank director Pakistanies have 28 trillion Rs in swss accounts which is over 200 billion dollare that is more like it.

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  • econ
    Jun 22, 2013 - 4:02AM

    Whats interesting is how every one in three people with money in Swiss banks is moving it to other areas to avoid ANY possible detection. Switzerland is only one such haven.

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  • solomon
    Jun 22, 2013 - 5:31AM

    @Babloo:
    yeah pakistan winns again !!!! yeah… congrats Pakistan over win over corrupt money :)

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  • Optimist
    Jun 22, 2013 - 5:39AM

    No trust worthy source!!
    .
    Fake news!

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  • Mj
    Jun 22, 2013 - 6:57AM

    @just_someone:
    Thanks for pointing out the mistake. But the amount stll come out to be Rs105 billion or $1.05 billion, instead of rs.92 billion, as stated here.

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  • Zain
    Jun 22, 2013 - 7:45AM

    If true then it is nothing to be proud about and calling it Pakistan Wins over India is preposterous. The Whole Pakistan LOST (and all 99.9999% Pakistanis), while a handful were successful in stealing/robbing it from the poor nation. If God Forbid, you get Robbed by a Robber at your home, would you call yourself a Winner? Same has happened here, all of Pakistan got robbed, and the thieves/robbers, politicians have a Big Smile on their faces…. They know it really well, how easy it has become for them to Rob/Steal from Pakistanis, and the sad part is, Pakistanis Continue to Elect the same Looters/Stealing Robber Politicians, over and over again, as if, Pakistanis Enjoy being Robbed. The current elections prove that. A new Party, with new Agenda for New Pakistan, should have been elected, but Most Pakistanis don’t want any change. Oh well, you can’t force a Change on anybody, if they don’t want to change themselves. Enjoy being robbed yet again, a little bit of Laptops here, A metro Bus there, but BILLIONS will be stashed away, in the Same Swiss Banks, after 5 more years of the same club of Politicians, no matter Big Two Parties they are from.

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  • anwar kamal
    Jun 22, 2013 - 8:09AM

    Now the question…Pakistanis has more money or Indians are more patriotic?Recommend

  • Water Bottle
    Jun 22, 2013 - 8:45AM

    @Dr Dang:

    “Shame on India’s Politicians.
    Our boys are busy beating Pakistan in Cricket & here they lose.”

    Have some humility. Because I can assure than our politicians have beaten Pakistan even in this.

    Only difference is, Pakistani politicians are still stuck in the old days of Swiss bank. Indians have moved on to other tax havens like Mauritius etc.

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  • Sohail
    Jun 22, 2013 - 9:18AM

    YOU THINK??

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  • OMG
    Jun 22, 2013 - 10:09AM

    Just less than a billion U.S. Dollars? Our overseas funds deposits only in NewZealand is more the $500 Billion, according to a recentpublished report about Indian traders and expatriots saving overseas.

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  • Baba Ji
    Jun 22, 2013 - 10:39AM

    Yay !!!!! we won ….Recommend

  • bilal
    Jun 22, 2013 - 11:10AM

    we knew everything how they are ripping Pakistan but we will keep on supporting them. people of Pakistan

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  • Aschraful Makhlooq
    Jun 22, 2013 - 12:22PM

    ET please correct your words not Pakistan because 60% Pakistani nation is living under miserable conditions but the Pakistani leadership has more illegal and poor nation’s wealth and funds are stowed in Swiss banks…….
    @Indian Catholic:
    Not Pakistan but Pakistani leaders are better than India in terms of corruption because always leadership makes and runs country and nation makes leadership.Country itself can’t be run and made……Recommend

  • singh
    Jun 22, 2013 - 6:47PM

    Congrat Pak on this wonderful win.

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  • Syme
    Jun 22, 2013 - 8:48PM

    Interestingly, if this report is even half true then I am not going to deposit my money in Swiss banks. I can’t afford a breach of confidentiality.

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  • Jag Nathan
    Jun 22, 2013 - 9:36PM

    Should tell us all something about the commitment of the leaders of India and Pakistan to their citizens. Our nations are run by a cabal of crooks with just one vision – a vision of personal enrichment and nothing else. At some stage I feel the Brits were better running the subcontinent as compared to the current crop of leaders.

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  • WAQAR
    Jun 23, 2013 - 11:58AM

    I demand newly elected govt. to make it possible to bring back all this money to Pakistan,

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