An estimated $770 billion in black money entered India during 2005-2014, U.S. based think tank Global Financial Integrity (GFI) has said in its latest report. Nearly $165 billion in illicit money exited the country during the same period, the global financial watchdog said.
During 2014 alone, about $101 billion black money entered the country while $23 billion exited, the report added. “Illicit financial flows (IFFs) from developing and emerging economies kept pace at nearly one trillion dollars in 2014,” it said.
Titled ‘Illicit Financial Flows to and from Developing Countries: 2005-2014', the report is the first global study to place equal emphasis on illicit outflows and inflows. The report said total illicit financial outflow was three percent (about $165 billion) of India's total trade of $5500.744 billion between 2005-2014.
“Governments should establish public registries of verified beneficial ownership information on all legal entities to check black money,” it suggested. “All banks should know the true beneficial owner(s) of any account in their financial institution,” the report said.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
