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India Ranks 8th among Countries with Black Money

By SiliconIndia   |   Tuesday, 18 December 2012, 09:22 Hrs   |    2 Comments
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Bangalore: India is among the world’s top 10 developing nations with a black money outflow of $1.6 billion ( 8,720 crore) in 2010, as per a report by Global Financial Integrity (GFI). The report said that the total outflow of black money from India since independence until 2010 was $232 billion, usually in the form of corruption, bribery and kickbacks. The growing value of illegal assets held by Indians during the same period of time is expected to be $487 billion, reported Chetan Chauhan for Hindustan Times.

The report by Washington-based GFI, Illicit Financial Flows from Developing Countries said in the post-reform period of 1991-2008, deregulation and liberalisation increased the outflow of illicit money from the Indian economy.

The report’s author and former economist with IMF Dev Kar said “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 (around $640 billion in 2008) — ends up outside of the country,” as reported by Hindustan Times.

The report revealed that the illicit financial flow in 2010 from these countries was $858.8 billion, lower than the all-time high of $871.3 billion in 2008. China showed the maximum outflow of illicit money, while India ranked eighth.

Also Read: India Ranks 94 in List of Corrupt Nations

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Reader's comments(2)
1: Wonder why India is not No.1? The show of pomp, some of the largest yet most fuel inefficient vehicles running around, cost of an apartment even in downtown areas of metro cities costing 4-10 times more than a 50 acre ranch in the US, "demanding" bribe to get even routine work done is surely unparalleled.. Absence of morality and ethics ranks India among the worst of Countries even in terms of quality of life. There is hardly anything called human rights and the Govt is just a mute spectator though each member spends millions in getting elected.It is just a matter of time before even Pakistan and Afghanistan will throw out the terrorists who will be quite naturally welcomed by the leaders of India.. Politicians can go on for some more land grabbing spree and kill few thousand farmers. Is it any wonder that India has been raided and ruled by foreign powers for centuries? Had the British not set foot on Indian soil we would have been still moving around in bullock carts and most families serving the money lenders...
Posted by:jamini - 19 Dec, 2012
2: India with its corrupt politicians will be home to black money!
Posted by:ram - 18 Dec, 2012