$770 bn black money entered India in 2005-2014: Report

New Delhi, May 3 : An estimated US$ 770 billion in black money entered India during 2005-2014, US-based think tank Global Financial Integrity (GFI) has said in its latest report. Nearly US$ 165 billion in illicit money exited the country during the same period, the global financial watchdog said.During 2014 alone, about US$ 101 billion black money entered the country while US$ 23 billion exited, the report added.”Illicit financial flows (IFFs) from developing and emerging economies kept pace at nearly US$ one trillion in 2014,” it said.Titled ‘Illicit Financial Flows to and from Developing Countries: 2005-2014’, the report is the first global study to place equal emphasis on illicit outflows and inflows.The report said total illicit financial outflow was three per cent (about US$ 165 billion) of India’s total trade of US$ 5500.744 billion between 2005-2014.
The governments should establish public registries of verified beneficial ownership information on all legal entities to check black money, it suggested.