Hurray...!!! India is only in Fifth position for Black Money.
Just as debate rages over the issue of billions of black money hoarded abroad by India’s corrupt, a US-based organisation — Global Financial Integrity (GFI) — has ranked the country fifth in the list of 160 developing countries suffering from the outflow of huge amounts of money through illicit channels.
Quoting its report — ‘Illicit Financial Flows from Developing Countries: 2002-06’ — which came out in December last year, GFI said total illicit financial outflows from India during the period averaged from a low of $22.7 billion to a high of $27.3 billion per year. The report comes bang in the middle of a confrontation between Congress and BJP over the latter’s promise to bring the illegal billions back. Congress has accused BJP of exaggerating the issue by distorting facts for partisan ends. It, along with the Left, has also accused BJP of not taking measures to tackle the problem in NDA rule. BJP has returned the fire with full force, accusing Congress of ignoring the issue.
GFI director Baker said it was not just India’s problem. “In 2006, total outflows from developing countries outpaced incoming official development assistance (ODA) by a ratio of 10 to 1. Meaning for every $1 in ODA a developing country received, $10 was lost due to illicit financial outflows,” he said.
In India, Supreme Court has taken up the matter following a PIL by a group of wellknown citizens. The Centre has promised to get back to the court this week with details of what it has done to deal with the issue, particularly with regard to details of 1,400 accounts with a bank in Liechtenstein which has been made available by German authorities.The GFI report estimated that total illicit capital flight from developing countries was as high as $1 trillion per year during 2002-06. The illegal outflows involve activities such as corruption (bribery and embezzlement of national wealth) and proceeds of licit business that becomes illicit when transported across borders in violation of laws and regulatory frameworks.
Baker said, “This massive loss of assets is the greatest impediment to economic development and poverty alleviation and should be of concern to all nations.”
The GFI report is based on examination of trade and external debt data from 2002-06 maintained by the International Monetary Fund (IMF) and the World Bank.
The list of countries for illicit outflows
- China $233bn-$289bn
- Saudi Arabia ($54bn-$55bn)
- Mexico ($41bn-$46bn)
- Russia ($32bn-$38bn).
- India
Can we fight to position our country Last????????
Recently I posted an article about the Black Money of our country with foreign banks, This is another article which clearly shows that not only India but many other countries having such kind of wealth are striving hard to bring it back.
This article remembers me of a child hood story whose moral was "Who will Bell the Cat??". Here the major parties Congress and BJP are simply blaming each other for not taking any steps to bring back our Country mens' hard earned money and utilise the same for the welfare of the people, but its evident that no body is interested in proving by action.
Yesterday (26 April 2009), the UPA chairperson Honourable Sonia Gandhi expressed her views regarding this issue and promised that she wil take the necessary steps to bring back the money; in her campaign for the forthcoming Election. I pity the people of India (including me) for beleiving such false promises as, if any political party really wants to do this; then it could have done the same long back. Each time during the Election time such promises are made but how many gets fulfilled????
Hope atleast this to happen irrespective of the results of this Election by the willingness of the Government or by the Opposition Party's pressure.
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