10 Countries With Highest Black Money Outflows

BENGALURU: Before we proceed to discuss about black money holders in India and the world, it is ideal to learn what exactly black money means to common man. The money that is not accounted for, and for which taxes are not paid is black money. In addition to the illegal money, the legitimate income received by the individuals which is concealed to the authorities to evade tax is also black money. Estimating unaccounted money in India cannot be accurate and is definitely a tiring procedure.

So instead of playing the number game of stashed up illegal money in India or by Indians abroad, let us first list out the sources through which black money could be generated:

The most commonly known sources are Tax evasion, Bribes, Illegal commissions, Supplying goods to the black market, Unaccounted stock market profits, Interest earned from unauthorized credits

Other less known factors are Smuggling, Gold exchanges, Hawala transactions, Black income from exports, Sale and purchase of art forms like paintings.

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