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Quantum of domestic black money is same as stashed abroad: Govt

A day after a global report pegged illicit financial outflows from India between 2003 and 2012 at $ 439 billion, the government on Wednesday said the amount of domestic black money is no different from what is kept abroad. 

“The quantum of domestic black money is similar to what is stashed abroad,” revenue secretary Shaktikanta Das said at a CII function here. 

While there is no official estimate of black money that Indians have stashed away abroad, a study by Global Financial Integrity,  a Washington DC-based research and advisory organisation, had said on Tuesday that the total illicit financial outflows from India stood at $ 94.8 billion in 2012 alone. 

The secretary said the government is dealing the issue of black money issue on administrative and legislative level. 

The government has already appointed the Special Investigation Team (SIT), which is probing the list of over 600 people having money in HSBC, Geneva among other cases. 

In its second report submitted to the Supreme Court, SIT had revealed that persons on the HSBC list held Rs. 4,479 crores in Swiss banks.

It had also said that out of 628 names on the HSBC list received from France, 201 are either non-residents or non-traceable, leaving 427 persons’ cases as actionable cases.

Das said the government is in dialogue with countries to renegotiate tax treaties. 

Earlier, finance minister Arun Jaitley had said it was relooking at some of these treaties that might be hindering repatriation of the money stashed abroad by Indians.

Swiss government has repeatedly refused to cooperate with India on the HSBC list on the ground that it is a stolen data by a French employee. 

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