The estimate of $505 billion black money outflow from India by a US-based think tank is “heavily exaggerated”, the Directorate of Revenue Intelligence has informed the Supreme Court-appointed SIT looking into cases of tainted money. The sources said the actual amount of black money outflow -- through trade-based money laundering -- could be far less than mentioned in the report. The DRI then sought relevant details from the Global Financial Integrity (GFI). “GFI’s illicit flows figures for India were consistent with the data provided by the governments of India and Switzerland to the International Monetary Fund. Global Financial Integrity, a non-profit research and advisory organisation operating from Washington, had in its report “Illicit Financial Flows from Developing Countries 2004–2013” estimated that black money outflow from India for the period was to the tune of $505 bn (about Rs 34 lakh crore, as per current exchange rate).

Source: Hindustan Times June 12, 2016 06:11 UTC