SBP, World Bank, India, NAB,State Bank rejects reports of transferring $ 4.9 billion from Pakistan to India

State Bank rejects reports of transferring $ 4.9 billion from Pakistan to India


The State Bank of Pakistan (SBP) has rejected the report to transfer $ 4.9 billion from Pakistan to India as remittances and has termed it contrary to facts. In its statement, the State Bank said that in 2016 there was no validity in such reports. According to the State Bank the World Bank prepared a report on the wrong way. The Central Bank pointed out that the outflow of $4.9 billion was cited in the Migration and Remittances Fact Book 2016, arranged by the Global Knowledge Partnership on Migration and Development.

The data of balance of payments showed that $116,000 worth of worker remittances flew from Pakistan to India in FY16 and inflows from India to Pakistan stood at $329,000, the SBP said in a statement on Wednesday. In the year, Pakistan’s exports to India were valued at $425 million while imports from India amounted to $1,415 million.

The State Bank of Pakistan said Pakistanis in India and Russians in Ukraine became migrants following partition of the original country. Therefore, the study is undoubtedly flawed as the migrants at the time of India-Pakistan partition in 1947 had become citizens of Pakistan.

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