New Delhi : The Special Investigation Team set up by the Supreme Court on black money last week has asked the Directorate of Revenue Intelligence to probe the outflow of $505 billion worth of black money from India.
Noting that trade-based money laundering was the major source of the illicit money taken out of the country, the SIT has relied upon the Global Financial Integrity report which estimates financial outflow
from India between 2004 and 2013 to the tune of $505 billion. Sources said the SIT had obtained detailed calculations from the Global Financial Integrity on country-wise illicit financial flows for each of these years and they have been now sent to the DRI for further probe.
While forwarding the details, the SIT noted that the Global Financial Integrity produced reports on the illicit flow of money from the developing countries and that its data is widely used in academic circles and informed debates on the issue.
It has asked DRI to verify the extent to which its calculations are correct as the SIT would take necessary action after getting a report from it, the sources added.
