India Top 5 in Black money out flow
India has now become a place of crime and corruption and here is the latest proof. India ranks fourth in black money outflows. Apparently, an amount of a whopping USD 51 billion siphoned out of the country per annum between 2004-2013, a US-based think-tank's report said .
The report analyzed by a Washington-based research and advisory organisation Global Financial Integrity (GFI). Its worth to mention here that India's defence budget is less than USD 50 billion.
China, Russia, and Mexico leading the list. China tops the list with USD 139 billion average outflow of illicit finances per annum. China followed by Russia (USD 104 billion per annum) and Mexico (USD 52.8 billion per annum).
During the last decade(2004-2014), GFI estimates that more than half a trillion (USD 510 billion) went out of India . Coming to China the figure was USD 1.39 trillion and Russia USD 1 trillion. The illegal capital outflows produced from tax evasion, crime, corruption and other illicit activity, the report said.
News Posted: 10 December, 2015
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