13-Feb-2012, 20:45 PM
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| |  | | | Black money: Indians have stashed over $500bn in banks abroad, says CBI
Black money: Indians have stashed over $500bn in banks abroad, says CBI
PTI | Feb 13, 2012, 02.29PM IST
NEW DELHI: Indians are the largest depositors in banks abroad with an estimated 500 billion US dollars (nearly Rs 24.5 lakh crore) of illegal money stashed by them in tax havens, the CBI director said on Monday.
India, in particular, has suffered from the flow of illegal funds to tax havens such as Mauritius, Switzerland, Lichtenstein, British Virgin islands etc.
"It is estimated that around 500 billion dollars of illegal money belonging to Indians is deposited in tax havens abroad. Largest depositors in Swiss Banks are also reported to be Indians," CBI director A P Singh said speaking at the inauguration of first interpol global programme on anti-corruption and asset recovery.
He said getting information about such illegal transactions is a time taking process as investigators have to peel each layer by sending judicial requests to the country where such deposits have been made.
"53 per cent of the countries said to be least corrupt by the Transparency International Index are offshore tax havens, where most of the corrupt money goes. The tax havens include New Zealand which is ranked as the least corrupt country, Singapore ranked number five and Switzerland number seven," Singh said.
He said there is a lack of political will in the leading tax haven states to part with the information because they are aware of the extent to which their economies have become "geared to this flow of illegal capitals from the poorer countries."
Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/india/38051-black-money-indians-have-stashed-over.html
Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/showthread.php?t=38051
source: http://timesofindia.indiatimes.com/i...w/11871624.cms 
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13-Feb-2012, 21:40 PM
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| |  | | | Re: Black money: Indians have stashed over $500bn in banks abroad, says CBI
One more feather in Cap..India shines as usual. | | The following member appreciates Taranjeet singh Ji for the above message. | |
15-Feb-2012, 11:50 AM
|  |  ੴ / Ik▫oaʼnkār | | | Enrolled: Dec 21st, 2010
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| | | | | Re: Black money: Indians have stashed over $500bn in banks abroad, says CBI
Quote:
Originally Posted by Taranjeet singh  One more feather in Cap..India shines as usual. | Veer Taranjeet Singh ji I assume you mean Topi 
Was the world ever fooled by the relative good photogenic and topi of the middle one!
Sat Sri Akal.
Last edited by Ambarsaria; 15-Feb-2012 at 12:21 PM.
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15-Feb-2012, 12:09 PM
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| | | | | Re: Black money: Indians have stashed over $500bn in banks abroad, says CBI
The world was most definitely fooled!! Reference:: Sikh Philosophy Network http://www.sikhphilosophy.net/showthread.php?t=38051
The topi took the world's attention away from the grand masterplan underneath!
Last edited by Luckysingh; 15-Feb-2012 at 15:14 PM.
Reason: grama
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