Black Money – Domestic and International Efforts

$ 770 bn black money entered India in 2005-2014: Report

  1. An estimated $ 770 billion in black money entered India during 2005-2014, US-based think tank Global Financial Integrity (GFI) has said in its latest report
  2. Nearly $ 165 billion in illicit money exited the country during the same period, the global financial watchdog
  3. Titled Illicit Financial Flows to and from Developing Countries: 2005-2014, the report is the first global study to place equal emphasis on illicit outflows and inflows
  4. The report said total illicit financial outflow was three per cent (about USD 165 billion) of India’s total trade of $ 5500.744 billion between 2005-2014
  5. Report suggested that Governments should establish public registries of verified beneficial ownership
    information on all legal entities to check black money
  6. All banks should know the true beneficial owner(s) of any account in their financial institution
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