India ranks fourth in the world in black money outflows with a whopping $51 billion siphoned out of the country per annum between 2004 and 2013. The illegal capital outflows stem from tax evasion, crime, corruption and other illicit activity record $ 1.1 trillion flowed illicitly out of developing and emerging economies in 2013.

Bringing back black money stashed abroad was one of Prime Minister Narendra Modi’s key poll promises and the government has since worked with authorities abroad to crack down on illegal account holders, enacting tough laws to arrest such practices.

China topped the list with $ 139 billion average outflow of illicit finances per annum, followed by Russia ($ 104 billion per annum) and Mexico ($52.8 billion per annum), according to the annual report released by Global Financial Integrity (GFI), a Washington-based research and advisory organisation.

Did You Know???

• In October, the Centre said undisclosed assets abroad worth Rs 4147 crores ($ 620 million) had been declared by Indians during the 90-day black money “compliance window” while the government’s total tax receipt stood at R 2,488 crores ($374 million).
• Under the compliance window that expired on September 30, disclosures of assets will get another three months till December 31 to pay tax and a penalty.

Try This…

Who is the Chairman of Special Investigation Team (SIT) on the issue of black money?