USD 770 bn black money entered India in 2005-2014, says Global Watchdog

03 May 2017, 02:53 PM
USD 770 bn black money entered India in 2005-2014 says Global Watchdog
USD 770 bn black money entered India in 2005-2014 says Global Watchdog

US-based think tank Global Financial Integrity (GFI) has informed in its latest report that an estimated USD 770 billion in black money entered India during 2005-2014.  

The global financial watchdog said around USD 165 billion in illegal money exited the country during the same period. During 2014 alone, about USD 101 billion black money entered the country while USD 23 billion exited, the report added.

“Illicit financial flows (IFFs) from developing and emerging economies kept pace at nearly USD one trillion in 2014,” the Watchdog 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 per cent (about USD 165 billion) of India’s total trade of USD 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. (With PTI Inputs)

First Published: Wednesday, May 03, 2017 02:38 PM
For all the latest Business News Download the News Nation App available on Android and iOS.