EU-DIGEST: India’s black money loss in 10 years: $123 bn

12/19/12

India’s black money loss in 10 years: $123 bn

India lost $123 billion in black money during 2001-2010, a U.S.-based research and advocacy organisation said in a report.

However, India’s loss is far less than that of China, which according to the report suffered a loss of $ 2.74 trillion during the same period (2001 to 2010), followed by Mexico ($476 billion), Malaysia ($285 billion), Saudi Arabia ($201 billion), Russia ($152 billion), the Philippines ($138 billion) and Nigeria ($129 billion).

India is the eight largest victim of black money loses, said the report ‘Illicit Financial Flows from Developing Countries: 2001—2010,’ released by Global Financial Integrity (GFI). India is the only South Asian country to figure in the top 20 list of such nations.

In 2010 alone, the Indian economy suffered $1.6 billion in illicit financial outflows.

“$123 billion is a massive amount of money for the Indian economy to lose,” said Dev Kar, GFI lead economist and co-author of the report.