THE Global Financial Integrity's report on illicit financial flow has
stated that nearly Rs six lakh crore was illegally siphoned out of India between
the years 2000-09. The GFI data shows that India has lost $6.8 billion in the
process of illicit inflow and outflows of black money under the garb of funds.
The report also states that the art of trade mispricing has accounted to the
illicit flow of over $121.65 billion into the country.
The
international watchdog GFI notes that the “round tripping”, i.e. a circular flow
of funds involving high finance where money illegally flows in and out of
country and is invested in the black economy, is also the major cause for tax
losses to the exchequer.
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