INDIA LOST $ 128 BILLION IN ILLICIT CAPITAL OUTFLOW IN LAST DECADE

                       A staggering $ 128 billion in capital illegally flowed out of India in the last decade, making the country the 15^th largest victim of illicit financial outflows that cost developing countries $ 903 billion in 2009, according to a recent study.

                        The study comes as NEW DELHI announced it would bring out a white paper on black money stashed away in tax havene abroad.

                        While $ 903 billion marks a drop from the $ 1.55 trillion that illicit capital flowed out of the developing world in 2008, the study finds the decrease almost entirely attributable to the global financial crisis than any governance improvement or economic reforms.

                        “This is a breathtakingly large sum at a time when developing and developed countries alike are struggling to make ends meet,” said Raymond Baker, who is the Director of Research and Advocacy Organization Global Financial Integrity (GFI). According to the report, the 20 biggest victims of illicit financial flows over the decade are: China, Mexico, Russia, Saudi Arabia, Malaysia, United Arab Emirates (UAE), Kuwait, Nigeria, Venezuela, Qatar, Poland, Indonesia, Philippines, Kazakhstan, India, Chile, Ukraine, Argentina, South Africa and Turkey.

                         So the bottom line is India is losing more and more money day by day, while at this time when India is trying to develop itself, this factor is really very much disappointing. Our government is trying hard to stop this over the last decade, but it looks like the try is not enough to stop the money flow.