An international think-tank has ranked the country third
globally with an estimated USD 94.76 billion (nearly Rs 6 lakh crore)
illicit wealth outflows in 2012.
As a result, the cumulative illicit money moving out of the country over
a ten-year period from 2003 to 2012 has risen to USD 439.59 billion (Rs
28 lakh crore), as per the latest estimates released by the Global
Financial Integrity (GFI).
Russia is on the top with USD 122.86 billion, followed by China at the
second position (USD 249.57 billion) in terms of the quantum of black
money moving out of a country for 2012 — the latest year for which these
estimates have been made.
The Washington-based research and advocacy group further said that the
illicit fund outflows from India accounts for nearly 10 per cent of a
record USD 991.2 billion worth illegal capital that moved out of all
developing and emerging nations in 2012 to facilitate “crime,
corruption, and tax evasion“.
As per GFI’s 2014 Annual Global Update on Illicit Financial Flows
report, that the cumulative illicit outflows from developing economies
for ten years between 2003 and 2012 stands at USD 6.6 trillion.
This includes USD 439.59 billion worth illicit money that has moved out
of India in these ten years, putting the country at fourth position in
overall ranking for a decade, after China (USD 1.25 trillion), Russia
(973.86 billion) and Mexico (USD514.26 billion).
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