123 Billion Dollars Illicit Black Money Left India Congress Rule


GFI an advanced think tank has publish
ed a report which reveals that Indian Economy had US $ 1.6 Billion as illicit financial outflows,read as Black money ,in 2010.

iffreportcoverweb
Illicit Financial flow.

And black money losses of US $ 123 billions.
CONGRESS Government can take pride in placing India at the eighth place in the world in illicit financial flight.

Latest Global Financial Integrity Research Places India as Decade’s 8th Largest Exporter of Illicit Capital
Illicit Outflows Cost Developing World US$859 Billion in 2010, Rebounding Rapidly from Financial Crisis.

The Indian economy suffered US$1.6 billion in illicit financial outflows in 2010, capping-off a decade in which the world’s largest democracy experienced black money loses of US$123 billion, according to the latest report released today by Global Financial Integrity, a Washington-based research and advocacy organization.
The GFI study, titled “Illicit Financial Flows from Developing Countries: 2001-2010,” ranks India as the decade’s 8th largest victim of illicit capital flight behind China, Mexico, Malaysia, Saudi Arabia, Russia, the Philippines, and Nigeria, respectively.

Much focus has been paid in the media on recovering the Indian black money that has already been lost.  This focus is for naught as long as the Indian economy continues to hemorrhage illicit money.  Policymakers and commentators should make curtailing the ongoing outflow of money priority number one.”
“$123 billion is a massive amount of money for the Indian economy to lose,” said Dr. Dev Kar, GFI Lead Economist and co-author of the report.  “It has very real consequences for Indian citizens.  This is more than $100 billion dollars which could have been used to invest in education, healthcare, and upgrade the nation’s infrastructure.  Perhaps last summer’s electrical blackout would have been avoided if some of this money had remained in India and been used to invest in the nation’s power grid.”
Co-authored by Dr. Kar and GFI Economist Sarah Freitas, the study is GFI’s annual update on the amount of money flowing out of developing economies through crime, corruption and tax evasion, and it is the first of GFI’s reports to include data for the year 2010.
The report—the first by GFI to incorporate a new, more conservative, estimate of illicit financial flows—found that all developing and emerging economies suffered US$858.8 billion in illicit outflows in 2010, just below the all-time high of US$871.3 billion set in 2008—the year preceding the global financial crisis.
“Astronomical sums of dirty money continue to flow out of the developing world and into offshore tax havens and developed country banks,” noted Mr. Baker.  “Regardless of the methodology, it’s clear: developing economies are hemorrhaging more and more money at a time when rich and poor nations alike are struggling to spur economic growth. This report should be a wake-up call to world leaders that more must be done to address these harmful outflows.”

 

According to the report, the 20 biggest exporters of illicit financial flows over the decade are:

  1. China ………………….. $274 billion average ($2.74 trillion cumulative)
  2. Mexico ……………………………… $47.6 billion avg. ($476 billion cum.)
  3. Malaysia ……………………………. $28.5 billion avg. ($285 billion cum.)
  4. Saudi Arabia ………………………. $21.0 billion avg.  ($210 billion cum.)
  5. Russia ……………………………….. $15.2 billion avg. ($152 billion cum.)
  6. Philippines …………………………. $13.8 billion avg. ($138 billion cum.)
  7. Nigeria ………………………………. $12.9 billion avg. ($129 billion cum.)
  8. India …………………………………. $12.3 billion avg. ($123 billion cum.)
  9. Indonesia …………………………… $10.9 billion avg. ($109 billion cum.)
  10. United Arab Emirates …………… $10.7 billion avg. ($107 billion cum.)
  11. Iraq ………………………………… $10.6 billion avg. ($63.6 billion cum.)2
  12. South Africa ………………………. $8.39 billion avg. ($83.9 billion cum.)
  13. Thailand ……………………………. $6.43 billion avg. ($64.3 billion cum.)
  14. Costa Rica …………………………. $6.37 billion avg. ($63.7 billion cum.)
  15. Qatar ……………………………….. $5.61 billion avg. ($56.1 billion cum.)
  16. Serbia ………………………………. $5.14 billion avg. ($51.4 billion cum.)
  17. Poland ……………………………… $4.08 billion avg. ($40.8 billion cum.)
  18. Panama ……………………………. $3.99 billion avg. ($39.9 billion cum.)
  19. Venezuela ………………………… $3.79 billion avg. ($37.9 billion cum.)
  20. Brunei ………………………………. $3.70 billion avg. ($37.0 billion cum.)

 

For a complete ranking of average annual illicit financial outflows by country, please refer to Table 2 of the report’s appendix on page 36, or download the rankings by average annual illicit outflows here [PDF | 51 KB].

http://www.sundayguardianlive.com/news/3424-revenue-intelligence-will-verify-us-report-505bn-left-india-during-upa-tenure

http://www.gfintegrity.org/press-release/india-loses-us1-6-billion-black-money-2010-loses-us123-billion-2001-2010/

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