How Much Is Black – Financial Express – 20-Dec-2014
December 26, 2014 - Uncategorized
Data from the Washington-based think tank show that illicit fund outflows from India account for nearly 10% of a record $991 billion illegal capital that moved out of all developing and emerging nations in 2012 to facilitate crime, corruption and tax evasion.
The government’s Special Investigation Team, set up to probe a list of over 600 people with money in HSBC, Geneva, among other cases, in its second report given to the Supreme Court has revealed that those on the HSBC list held R4,479 crore in offshore accounts. It also said 201 of the 628 names on the HSBC list were either non-residents or non-traceable, while the cases of the remaining 427 persons were actionable. In 2012, a study done by the National Institute of Financial Management found that black economy in India fell to around 15% of GDP in FY11 from 30% in the early 1970s.