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India’s Black Money Abroad: $500 Billion, Says CBI!

By on Feb 13, 2012 in Wisdom | 1 comment

The CBI director, Mr. A. P. Singh has said that the amount of Black Money deposited by Indians in tax-heavens abroad is over $500 billion. He further says that the money has been siphoned out of India through tax havens such as Mauritius, Switzerland, Lichtenstein, British Virgin islands etc. Not only that; India seems to be the biggest depositor of black money (aka unaccounted money) in foreign banks – a claim that’s been made by the Swiss banks themselves! He further added that digging out information about illegal transaction from India is a time consuming process as every step involves sending requests through the judiciary system. The ‘least corrupt’ countries are the ones that are popular as tax heavens (and why’d they be corrupt when the corrupt are pouring all their money in their banks?). New Zealand is the least corrupt country while Singapore...