Black Money – Domestic and International Efforts

SIT verifying outflow of illicit funds

  1. The News: SIT has asked the Directorate of Revenue Intelligence to verify claims made by Global Financial Report
  2. Background: Global Financial Report asserted that illicit financial flows worth $505 billion left India between 2004 and 2013
  3. Challenge: It is impossible to accurately ascertain how much money has gone
  4. Any estimate of the quantum of illicit money incorporates a number of assumptions
  5. Future: The Indian govt has entered into several bilateral agreements with other countries to share tax information, which will help in curbing the outflow of illicit funds
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