1). India saw black money outflow of $123 billion from 2001-2010. India ranks eighth and is among the top ten developing countries with illicit funds outflow at $1.6 billion according to a report by Global Financial Integrity in December 2012. 2). Global Financial Integrity’s report titled Illicit Financial Flows found that only 27.8% of Indias illicit assets are held domestically and 73% make their way overseas. 3). In 2012, India was ranked 94 out of 176 countries in Transparency Internationals Corruption Perceptions Index. It was tied with Benin, Colombia, Djibouti, Greece, Moldova, Mongolia, and Senegal. 4). In a White paper on Black Money tabled in Parliament in 2012, the government conceded that the real estate sector is one of the largest holders of illicit income and unaccounted funds. A large number of transactions are not reported and a vast number are under reported. As the realty sector contributes 11 percent to GDP, this huge amount of under reporting is a huge dent to the treasury.
Posted on: Wed, 31 Dec 2014 09:29:59 +0000
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