Some facts about India’s black money parked in taxheavens abroad

According to a news in TOI (August 30, 2009) funds in the range of $ 500 billion and 1.4 trillion belonging to Indians were parked in safe havens abroad.
Delivering the Nani Palkhivala memorial lecture on ‘Tax havens and illegal wealth of India’, Prof Vaidyanthan professor at IIM Bangalore pointed out that $1.4 trillion was equivalent to Rs 70 lakh crore, more than India’s national income of around Rs 50 lakh crore.
He quoted a study by Global Financial Integrity Study and said that the average money taken away from India annually during 2002-06 was $27.3 billion stashing away a total of approximately $136.5 billion.