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Pointing out that various estimates of black money in India


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moncler jacket sale In other words, if this estimate is accurate, moncler outlet online the new law aims at tackling only a tenth of the black money in circulation.The Washington based Global Financial Integrity (GFI) puts the figure and the interest earned on it at $462 billion for the period between 1948 moncler outlet metzingen and 2008. A former director of the Central Bureau of Investigation, A P Singh, had publicly claimed that $500 billion of moncler sale outlet illegal funds were held by Indians in foreign moncler sale banks.According to the ‘White Paper on Black Money in India’ prepared by the ministry of finance in May 2012, the Swiss National Bank estimates that the total amount of deposits in all Swiss banks by citizens of India at the end of 2010 was $2.1 billion.A leaked report of the National Institute for Public Finance Policy commissioned by the government has reportedly estimated the black economy to be around $1.4 trillion or 70 per cent of India’s GDP.Pointing out that various estimates of black money in India have been advanced, Congress MP from Thiruvananthapuram Shashi Tharoor monlcer down jackets wrote that even if the highest estimate the one by GFI is considered, the total sum of illicit transfers out of India stands at about Rs 28 lakh crore (or 28 followed by 12 zeros), which works out to less than Rs 25,000 per Indian citizen.He said that foreign countries were not waiting to hand over information about Indians holding black money in their countries. ” Swiss government will not reveal information on Swiss bank deposits, and cannot reveal them under their own laws, until we provide the names of individuals we are investigating, the names of the banks where they have their money, and evidence of criminality in the acquisition of this money,” he wrote.”The Swiss government has said that they will not support any ‘fishing expedition’ by the Indian government looking for Indian names in their banks. moncler jacket sale

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