Rs 20 lakh crore illicit money flows out from India : GFI
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A report of Global Financial Integrity (GFI) has estimated the total value of illicit money that has flown out of India at 462 billion US dollar approximately 20 lakh crore rupees. In a written reply to the Rajya Sabha, minister of state for Finance,S S Palanimanickam informed this. He said, the present value of India's total illicit financial flows, as per the (GFI) report is 462 billion US dollar. As per the GFI report, the country lost a total of 213 billion US dollar illicit financial flows during 1948-2008.
The minister further said the government was negotiating new Double Taxation Avoidance Agreements (DTAAs) with various countries.
The Washington based GFI is engaged in research in the field to curtail- illicit financial flows and enhance global development and security.
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