Thursday, January 21, 2021
Home News Reports Mind-boggling figures of inflows and outflows of illicit money to and from India

Mind-boggling figures of inflows and outflows of illicit money to and from India

When Prime Minister Narendra Modi announced demonetisation of the old Rs 500 and Rs 1,000 notes and replace them with new Rs 500 and Rs 2,000 series in November last year to choke the supply of black money stacked inside the country, detractors had back then said that all black money were stashed in Swiss bank.

Recently, a report by the US-based think tank Global Financial Integrity (GFI) has estimated that a staggering $770 billion black money has entered India during the period of 2005 to 2014. The report titled ‘Illicit Financial Flows to and from Developing Countries: 2005-2014’, is the first global study on outflows and inflows of illicit money.

During 2014 alone, about $101 billion black money entered the country, while $23 billion was taken out, the report said.

The report stated that the total illicit financial outflow in India between 2005-2014 period was about $165 billion, which is 3 per cent of the country’s total trade of $5500.744 billion during the same period.

But since accounts in Swiss banks are largely secret, the question is how the data was calculated.

But, this ET report states that the GFI estimate stands out from its previous estimations for adopting “rigorous method” of collecting and analysing information on international trade and balance of payments. Besides using IMF global data on direction of trade, the GFI report has included information from other sources to plug gaps.

The Supreme Court had said that black money was nothing but a plunder of the nation with serious security ramifications. While experts are still working out the final figure, a conservative estimate pegs India’s black money stashed overseas at Rs 400 lakh crore.

After assuming office in 2014, Prime Minister Narendra Modi had set up of a Special Investigative Team (SIT), headed by former Supreme Court Judge MB Shah, to unearth illegal money stashed in tax havens. The MB Shah Commission had submitted five reports to the Supreme Court on methods to curb black money. Citing the disclosure of Panama Papers, the Commission said unless there is the deterrent provision, it would be difficult to get back the stashed money outside the country.

To curb the flow of black money, the Centre in the last three years has taken several initiatives. Of the 175 reported cases of black money allegedly stashed overseas, the CBDT has already filed 164 prosecutions following assessments of sums that add up to Rs 8,000 crore.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

 

Related Articles

Trending now

Indian Express spreads fake news claiming there were internal objections to Adani Group winning all 6 airports: Read the facts

The civil aviation ministry said that same allegations made in the Indian Express report were already dismissed by Kerala High Court

5 persons dead at Serum Institute of India fire incident, efforts on to control damage

Reports have stated that the fire incident happened at an under construction building and vaccine facilities are safe.

Two suicide bombers detonate themselves in busy Baghdad market killing six, injuring dozens

As per reports, this was one of the rare suicide attacks in Central Baghdad.

Bernie Sanders and his mittens during Biden inauguration trigger a meme fest on social media. Details

The US Senator from Vermont was spotted at the venue wearing parka and a pair of very homely looking mittens at the high profile event.

After multiple FIRs against ‘Tandav’, makers of another Amazon Prime web series ‘Mirzapur’ in trouble, SC issues notice

The SC notice was issued following a petition complaining about UP's Mirzapur being portrayed in a bad light in the web series

Alarming disinformation campaign by China spotted across media platforms against its vaccine’s criticism

From sensational headlines to misleading reports and insinuations, China is now playing the dangerous game to spread disinformation on its coronavirus vaccines.

Recently Popular

Arnab vs Navika: Arnab responds to Navika’s emotional monologue, says he carried his shoes with him

Recently, Navika Kumar said that when Arnab left Time Now, she had his shoes to fill. However, Arnab gives a befitting reply.

The hidden chats in the TRP Chargesheet that nobody is talking about, not even the police: India Today and BARC

In the TRP case chargesheet, pages of personal chats between Arnab Goswami and the ex-BARC CEO Partho Dasgupta have been added

‘Jack Ma is safe and sound’, is ‘laying low’ claims founder and chairman of equity firm Primavera Capital Group

Days after his unflattering opinion of the Chinese authorities, Alibaba founder Jack Ma went mysteriously missing

“Not forgetting this communication until death”: Chef turned filmmaker Vikas Khanna reveals how he was asked to pay for favourable reviews of his movie

Vikas Khanna stated that critics had asked him to pay 3 lacs for 3 star-rating and 4 lacks for 4 star-rating of his movie 'The Last Colour'

Has China constructed a new village inside Arunachal Pradesh? Not quite: How NDTV misled with its ‘exclusive’ report

Report China building a village inside Arunachal Pradesh was bought out by NDTV yesterday - and it turned out to be fake news

Pakistan ‘successfully’ test-fires missile injuring people, destroying houses in civil area, say Baloch leaders

Contrary to claims of Pakistani Army's successful tests of Shaheen-III Missile, several reports coming from Pakistan suggests that the test carried out by Pakistan was a massive failure as the missile landed in a civilian area in Balochistan destroying several houses and injuring civilians
- Advertisement -

 

Farm Laws 2020: The need of the hour is balanced liberalization, to move beyond rigid ideologies

A balanced liberalization, based on the triad of truth, efficiency and compassion, may find a better tomorrow

Indian Express spreads fake news claiming there were internal objections to Adani Group winning all 6 airports: Read the facts

The civil aviation ministry said that same allegations made in the Indian Express report were already dismissed by Kerala High Court

Uddhav stirs up Belagavi issue, Shiv Sena activists stopped by police from removing Karnataka flag. Details

Police Commissioner said that Shiv Sena leader Vijay Dhavane had plans of delivering a provocative speech at Belagavi.

5 persons dead at Serum Institute of India fire incident, efforts on to control damage

Reports have stated that the fire incident happened at an under construction building and vaccine facilities are safe.

Two suicide bombers detonate themselves in busy Baghdad market killing six, injuring dozens

As per reports, this was one of the rare suicide attacks in Central Baghdad.

Bernie Sanders and his mittens during Biden inauguration trigger a meme fest on social media. Details

The US Senator from Vermont was spotted at the venue wearing parka and a pair of very homely looking mittens at the high profile event.

After multiple FIRs against ‘Tandav’, makers of another Amazon Prime web series ‘Mirzapur’ in trouble, SC issues notice

The SC notice was issued following a petition complaining about UP's Mirzapur being portrayed in a bad light in the web series

Alarming disinformation campaign by China spotted across media platforms against its vaccine’s criticism

From sensational headlines to misleading reports and insinuations, China is now playing the dangerous game to spread disinformation on its coronavirus vaccines.

10 months after lockdown started, Lakshadweep reports the first coronavirus case. Details

The first Covid-19 case in Lakshadweep was reported just a few days after the UT revised its Standard Operating Procedures

Those who blamed Modi for market crashes must congratulate him for Sensex at 50,000

As market crosses 50,000 points, will those who blame him for crashes credit him for bullish trend?

Connect with us

245,563FansLike
496,912FollowersFollow
22,800SubscribersSubscribe