Global Financial Integrity (GFI), an international
think-tank has ranked India third globally in black money with an estimated $94.76
billion (nearly Rs 6 lakh crore) illicit wealth outflows in 2012.
As a result, the cumulative illicit money moving out
of the country over a ten-year period from 2003 to 2012 has risen to $439.59
billion (Rs 28 lakh crore), GFI said.
Russia is on the top with $122.86 billion, followed
by China at the second position ($ 249.57 billion) in terms of the quantum of
black money moving out of a country for 2012 -- the latest year for which these
estimates have been made.
The Washington-based research and advocacy group
further said that the illicit fund outflows from India accounts for nearly 10
per cent of a record $ 991.2 billion worth illegal capital that moved out of
all developing and emerging nations in 2012 to facilitate "crime,
corruption, and tax evasion".
The issue of black money has been matter of a
serious political debate in India, including during the last general elections.
While the new government has said it is committed to tackle this menace, there
are no official figures for the overall size of illicit wealth stashed by
Indians within the country or abroad.
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