Black Money: Indians Stash Way Rs 24,50,000 Cr
The Director of Central Bureau of Investigation, A P Singh, stated that Indians are the largest depositors in banks abroad with an estimated Rs 24,50,000 crore (500 billion US dollars) of illegal money stashed by them in tax havens such as Mauritius, Switzerland, Lichtenstein, British Virgin islands, New Zealand, Singapore among other places . Largest depositors in Swiss Banks are also reported to be Indians.
The CBI director said getting information about such illegal transactions is a time taking process as investigators have to peel each layer by sending judicial requests to the country where such deposits have been made.
He said there is a lack of political will in the leading tax haven states to part with the information because they are aware of the extent to which their economies have become “geared to this flow of illegal capitals from the poorer countries.”