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India ranks third in black money list
India Rnks Third in Black Money List. As India continues its pursuit of suspected black money stashed abroad, a global think-tank has ranked the country third globally with an estimated $94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
Rs 28 lakh cr moved out out in 10 yrs
New Delhi: As India continues its pursuit of suspected black money stashed abroad, a global think-tank has ranked the country third globally with an estimated $94.76 billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
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As a result, the cumulative illicit money moving out of the country over a ten-year period from 2003 to 2012 has risen to $439.59 billion (Rs 28 lakh crore), as per the latest estimates released by the Global Financial Integrity (GFI).
Russia is on the top with $122.86 billion, followed by China at the second position ($249.57 billion) in terms of the quantum of black money moving out of a country for 2012 -- the latest year for which these estimates have been made. Russia is on the top with $122.86 billion, followed by China with $249.57 billion in terms of the quantum of black money moving out of a country for 2012. The Washington-based research and advocacy group further said that the illicit fund outflows from India has increased to nine-fold, accounts for nearly 10 per cent of a record $991.2 billion worth illegal capital that moved out of all developing and emerging nations in 2012 to facilitate "crime, corruption, and tax evasion".
Rs 1.16 lakh cr undeclared income unearthed
New Delhi(PTI): As the government continues its pursuit of black money held by Indians, the I-T Department has detected undisclosed income totalling over Rs 1.16 lakh crore in the last three financial years, of which real estate accounted for a substantial part.
Various persons have admitted to undisclosed income that totals to Rs 36,153.88 crore during searches conducted by the Income Tax Department during this period.
SIT asked to probe illegalmoney in polls
New Delhi (IANS): The battle against black money will be incomplete without addressing the "free flow" money into electoral process, ADR has said. In a letter to Justice (retd.) M.B. Shah, chairman of the SIT on black money, Jagdeep Chhokar, founder-trustee of the Association for Democratic Reforms (ADR), said that SIT's work cannot be completed unless due attention is paid to the possible use of unaccounted money in the electoral and political process .
