India, from being a land of culture and traditions, has now become a place of crime and corruption. According to a recent budget report, the country has been ranked fourth in its black money outflow. Apparently, an amount as large as 51 billion USD was embezzled out of India per year for the time period between years 2004 and 2013.
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The report analyzed by a US-based research organisation, Global Financial Integrity (GFI), has India in the fourth position with countries like China, Russia, and Mexico leading the list. China’s illegal money outflow is 139 billion USD per year while Russia and Mexico have 104 billion and 52.8 billion US dollar respectively.
It is a shame for India as the amount illicitly transferred from the country is alarmingly close to the entire defence budget of India. The black money, a result of various unlawful activities like tax evasion, corruption, etc, seems to be increasing every year with the 2004-2014 estimates stating an outflow of about USD 510 billion.
