India's illegal wealth abroad is not just a tax issue

Description

The average amount stashed away from India annually during2002-06 was $27.3 billion. It means during the five-year period, the amount parked in different tax havens, includingSwitzerland, was $136.5 billion. The share of Swiss banks inthe dirty money from India is at least one-third, due tohistorical and geographical reasons. These illegal funds lyingin tax havens are not just related to the issue of tax evasion. Itis capital flight from India and part of a corrupt nexus between businessmen, bureaucrats and politicians.Substantial sums have been accumulated abroad due to under-invoicing/over-invoicing and also commission from defenceand other major contracts

Publication Date

1-7-2009

Publication Title

Eternal India

Publisher

India First Foundation

Keywords

Financial system, Indian money, Indian economy, Illegal wealth

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