INDIA BLACK MONEY FLOW EIGHTH HIGHEST
The
Hindustan Times carries a report which says that India is among the top ten
developing countries in the world with black money outflow of US $ 1.6 billion
in 2010, a news reported to be released in December 2012 claimed.
A report
of Washington based Global Financial Integrity said the total outflow of black
money from India since Independence till 2010 was US $ 232 billion, generally
in form of corruption, bribery and kickbacks. Illicit assets during,the same
period totalled $ 487 billion.
"This
means that almost three-quarters of the illicit assets comprising India's
underground economy—which has been estimated to account for 50% of India's GDP
(approximately $ 640 billion at the end of 2008)—ends up outside of the
country," said Dev Kar, the report's author and a former IMF economist.
The
report, Illicit Financial Flows from Developing Countries, whose earlier
edition has been quoted by the government in its white paper on black money, is
an attempt to evaluate illicit financial flows from around 150 developing and
emerging economies.
And it
found illicit financial flow in 2010 from these countries was US $ 858.8
billion, just below the all-time high of US $ 8713 billion in 2008—the year
preceding the global financial crisis. Maximum outflow of illicit money was
from China and five oil rich middle-east countries among the top ten.
The report
said astronomical sums of dirty money continue to flow out of the developing
world and into offshore tax havens
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