1,35,000 Cr flows illegally out of India every year
A US-based organization, Global Financial Integrity (GFI), has ranked India 5th in the list of 160 developing countries suffering from the illegal outflow of billions of amounts of black money through illicit channels into tax havens abroad.
The GFI report ‘Illicit Financial Flows from Developing Countries: 2002-06’ says that the total illicit financial outflows from India during the period averaged from a low of $22.7 billion to a high of $27.3 billion ( around 1,35,000 Crore) per year.
Right at the moment, there is a confrontation between Congress and BJP over the latter’s promise to bring the illegal billions back which is considered as just another election rhetoric.
According to the report, the unaccounted black money is being generated by corrupt politicians and government officials while traders and businessmen get the illicit money by what is euphemistically called ‘Tax Management’