Indians illegally transferred $462 billion overseas: report
16 Aug 2011
An estimated $462 billion (Rs20,92,000 crore) has flown out of India through illegal means, according to a report prepared by Global Financial Integrity (GFI), Rajya Sabha was informed today.
"The present value of India's total illicit financial flows, as per the report is $462 billion," minister of state for finance S S Palanimanickam, informed the House in a written reply.
Of this, the minister said, $213 billion flowed out between 1948 and 2008 while the remaining $249 million were transferred over the past three years.
The government, the minister said, was negotiating new double-taxation avoidance agreements (DTAAs) with various countries.
Besides, it has also taken steps to update the provision concerning exchange of information in existing DTAAs to specifically allow for exchange of banking information and information without domestic interest, he said.
India has also decided to negotiate Tax Information Exchange Agreements (TIEAs) with priority countries\jurisdictions, he added.
