Pakistan overtakes India on money stashed in Swiss banks

Swiss banks, Swiss money, Swiss banks India, Swiss banks Pakistan, India Pakistan, news, national news, world news, Swiss National Bank, India news, international news, Pakistan news, Switzerland news, latest news, India, Pakistan, Pakistan India, India Switzerland, Switzerland India, Switzerland The Swiss National Bank, on Thursday, released data which shows that Pakistan has more money in Swiss banks than India. (representative image; source: commons.wikimedia)

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 on Thursday 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.

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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 disclose…

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