$4.7b remitted to India from Pakistan in 2014 alone: report


Pakistan has remitted a whopping $4.7 billion to India in one year alone – 2014 – while $2 billion were remitted back to Pakistan from the country in the same period, a private news channel reported on Wednesday.

Quoting a World Bank report released five months ago, the channel reported that Pakistan was the fifth biggest remitter of foreign exchange to India. The channel said that authorities concerned had seemingly looked the other way when such huge remittances were made to the rival country last year.

Read World Bank report here: http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTDECPROSPECTS/0,,contentMDK:22759429~pagePK:64165401~piPK:64165026~theSitePK:476883,00.html

Commenting on the issue, a spokesman of the State Bank of Pakistan said that he could not state the central bank’s version on the issue as it had yet to see the World Bank report. “The channel should have first brought the matter to its notice rather than going public with it,” he said.

ARY News Editor Investigation and Anchorperson Asad Kharal said that it was appalling that the central bank had remained oblivious to the huge remittances being made to India last year.

“What is more shocking is that the SBP has not even studied the report which had come out five months ago,” he said, adding that state agencies and the central bank should investigate who were the people who made such huge remittances.