Black money worth Rs 21 lakh crore exported out of India in last decade: report

New Delhi/December 12
Black money worth Rs 21 lakh crore (343 billion US Dollars) was exported out of India between 2002-11 with nearly Rs 5 lakh crore being exported out country in 2011 alone, making India fifth largest exporter of illicit money in the world, claims the report Washington based research and advocacy organisation.
As per the report of Global Financial Integrity on illicit financial outflows from developing countries, India stands fifth in terms of black money outflow from country and China, Russia, Mexico and Malaysia stands first, second, third and fourth respectively in the list.
The GFI report further states that India stood third in the list of black money outflow in 2011 alone after China and Russia and in the last decade, the illicit money outflow from developing country has increased by over 10 percent. “The illicit money is being exported fromm these developing countries in the name of anonymous shell companies, tax haven secrecy and trade-based money laundering techniques,” adds the GFI report.