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Wednesday, August 17, 2011

India's illicit financial outflows estimated at 20.92 lakh crore!

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New Delhi: A report of Global Financial Integrity (GFI) has estimated the total value of illicit money that has flown out of India at USD 462 billion (about Rs 20.92 lakh crore), Parliament was informed Tuesday.

"The present value of India's total illicit financial flows, as per the (GFI) report is USD 462 billion," Minister of State for Finance S S Palanimanickam said in a written reply to the Rajya Sabha.

As per the GFI report, the country lost a total of USD 213 billion in illicit financial flows during 1948-2008.

The minister further said the government was negotiating new Double Taxation Avoidance Agreements (DTAAs) with various countries.

Besides, it has also taken steps to update the article concerning exchange of information in existing DTAAs to specifically allow for exchange of banking information and information without domestic interest, he said.

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