Wednesday, 12 October 2011
Press Statement issued by Shri L.K. Advani
Patna : October 12, 2011 India’s Black Money
- As per the Global Financial Integrity Report (GFI), a respected international think tank in America, from 1948 through 2008 India lost a total of $213 billion illicit financial flows (or illegal capital flight). These illicit financial flows were generally the product of: corruption, bribery and kickbacks, criminal activities, and efforts to shelter wealth from a country’s tax authorities.
- Adjusted Estimates: The present value of India’s total illicit financial flows (IFFs) is at least $462 billion. ($1 billion=Rs. 5000 crores) or approximately Rs. 25,000,00 crores! Of all the various estimates going around in the media, this is perhaps the most accurate and scientifically arrived at calculation.
- This means that almost three-quarters of the illicit assets comprising India’s underground economy-which has been estimated to account for 50 percent of India’s GDP (approximately $ 640 billion at the end of 2008)- ends up outside of the country.
- Estimates given by Swiss Bank themselves put it at $1.4 trillion with India topping the list, followed by Russia, UK and then China. This amount is about 13 times the entire national debt of India and is increasing every year.
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