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$770 billion Worth of Black Money entered into India during 2005-2014: GFI

Wednesday 3rd of May 2017

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May 3, 2017

US-based think tank Global Financial Integrity (GFI) inside report titled Illicit Financial Flows to and from Developing Countries: 2005-2014, has estimated that $770 billion importance of black money entered India during 2005-2014. During the same time period, the think tank estimates the exit of $165 billion in illicit money away from the country. It translates into 3% of India's total trade of $5500.744 billion between your period of time 2005-2014. Here is the first global study that features placed equal emphasis on illicit outflows and inflows. Per the report, in 2014 alone, $101 billion black money entered India while USD 23 billion exited.

The report has suggested which the governments should created public registries of verified beneficial ownership information on all legal entities to look for the menace of black money. There are also asked all banks to check for the beneficial who owns any account.

Global Financial Integrity (GFI)

GFI is a non-profit, Washington, DC-based research and advisory organization founded by Raymond Baker in 2006 with the attempt to quantify and study the flow of illegal money. In 2008, it published its first groundbreaking economic analysis of illicit financial flows flowing of developing world. There are estimated that $1 trillion flows of developing and emerging economies yearly stemming from crime, corruption and tax evasion. Besides producing an analysis ofillicit financial flows, in addition,it advises the developing countries on effective policy solutions and promotes pragmatic transparency while in the international financial system.

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