Illicit outflow of money from India pegged at USD 104 bln

This has been disclosed by the White Paper on black money tabled in Parliament today. But the report does not give any estimate of the government about either black money in India or the amount stashed away in banks abroad.

GFI is an international agency that promotes national and multi-lateral policies, safeguards and agreements aimed at curtailing the cross-border flow of illegal money.

During the same period, the illicit outflow from China has been estimated by the GFI at USD 2,467 billion.

The report quoted a 1984 estimate to Rs 37 crore in black money in India as assessed by the National Institute of Public Finance and Policy.

The White Paper said that one estimate made by Swiss national banks put the amount of Indian deposits in Swiss banks at about Rs 9,295 crore by the end of 2010.

The Swiss Ministry of External Affairs confirmed these figures when a reference was made by the Indian Ministry of External Affairs to them.

The paper said that from the table available on the website of Swiss national banks, it can be seen that the deposits of Indians in Swiss banks have decreased from Rs 23,373 crore in 2006 to Rs 9,295 crore in 2010.