India got received Rs.49.28 lakh Crores black money during 10 years

New Delhi, May 04: Around, Rs.49,28,000 crores($770 billion dollars) of black money has entered in India during the years 2005-2015.At the same time, Rs.10,56,000 crores of Indian black money has reached the foreign countries, which nearly equaled to the 14% business transaction from India to America.

Here the brief report was unveiled by the International Global Financial Integrity(GFI) on Monday.

"Estimated illicit outflows from developing countries to the advanced world alone sum up to $ 620 billion in 2014 in the most conservative calculation and illicit inflows from the advanced countries into the developing world totaled more than $ 2.5 trillion."

From Asia, the study estimated financial inflows to developing countries from a minimum of $ 686 billion to a maximum of $1,229 billion.

One dominant channel for illicit financial flow (IFF) moving in and out of the developing world is trading mis- invoicing, it said, adding that trade mis-invoicing accounted for at least 66 per cent of measurable IFF outflows and 97 per cent of measurable inflows in 2014.



"Fraudulent manipulation of the price, quantity, or quality of a good or service on an invoice allows criminals, corrupt government officials, and commercial tax evaders to shift vast amounts of money across international borders quickly, easily, and nearly always undetected," the report said.

Illicit financial flows from developing and emerging economies kept pace at nearly $ 1 trillion in 2014.

Suggesting steps to check black money, the financial watchdog said governments should establish public registries of verified beneficial ownership information on all legal entities to check black money.

All banks should know the true beneficial owner(s) of any account in their financial institution.

Policymakers should require multinational companies to publicly disclose their revenues, profits, losses, sales, taxes paid, subsidiaries, and staff levels on a country-by- country basis, it said.