There is no estimation of the amount of money that has been sent to the foreign countries by Indian persons said by government today.
The money sent by Indian persons to foreign countries is subject matter of investigation and requires follow-up actions by the relevant law enforcement agencies such as Income tax Department, CBI etc, which is going on.
“The economists from Bank of Itlay estimated that Indian share in black money stashed in tax heavens across the world is at $152-181 billion. These economists have reportedly analysed data from IMF and the Bank of International Settlement (BIS) and applied certain assumptions to arrive at the estimation. The same economists have reportedly estimated Indian share in black black assets at $4-5 billion with the new set of assumptions”, Mr. Sinha said .
These estimations have put a red flag that these estimations have to be considered with great care and in no way can represent firm data,” Mr. Sinha said.
Ruchi Anand and Associates are Tax Consultants in India.