Magazine : 
India Ranks 8th among Countries with Black Money
Mexico took the second position in terms of outflow of illicit money while Malaysia was on the third. Saudi Arabia and Russia took the fourth and fifth position respectively.
The report said that sky-high sums of dirty money persist to flow out of the developing world and into offshore tax havens and developed country banks, which means that the poor in source countries are being rundown of their right to development. There is a statistical correlation between larger volumes of illicit flows and declining income distribution in the developing countries.
The argument that the desire to accumulate wealth illegally without attracting government attention is one of the chief motivations behind the cross-border transfer of illicit capital and it backs the finding that only 27.8 percent of India's illicit assets are held domestically.
Further, the report said that opportunities for trade mispricing raised and expansion of the global shadow financial system, mainly island tax havens -accommodated the increased outflow of India's illicit capital escape.
However, the government has stated that it has taken numerous steps as well as signing treaties with foreign countries to know about Indian black money stashed in foreign banks. It also claimed that the Income Tax department had instigated an action against persons regarding whom information has been received from these nations.
