Black money outflow estimated at $104 bn but govt mum on details

The illicit outflow of money from India has been estimated at $104 billion as of December last year, according to a report of the Global Financial Integrity (GFI).

This has been disclosed by the White Paper on black money tabled in Parliament pm Monday. But the report does not give any estimate of the government about either black money in India or the amount stashed away in banks abroad.

GFI is an international agency that promotes national and multi-lateral policies, safeguards and agreements aimed at curtailing the cross-border flow of illegal money.

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During the same period, the illicit outflow from China has been estimated by the GFI at $2,467 billion.

The report quoted a 1984 estimate to Rs37 crore in black money in India as assessed by the National Institute of Public Finance and Policy.

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The White Paper said that one estimate made by Swiss national banks put the amount of Indian deposits in Swiss banks at about Rs9,295 crore by the end of 2010.

The Swiss Ministry of External Affairs confirmed these figures when a reference was made by the Indian Ministry of External Affairs to them.

The paper said that from the table available on the website of Swiss national banks, it can be seen that the deposits of Indians in Swiss banks have decreased from Rs23,373 crore in 2006 to Rs 9,295 crore in 2010.

PTI