The average amount stashed away from India annually during 2002-06 was $27.3 billion. It means during the five-year period, the amount parked in different tax havens, including Switzerland, was $136.5 billion. The share of Swiss banks in the dirty money from India is at least one-third, due to historical and geographical reasons. These illegal funds lying in tax havens are not just related to the issue of tax evasion. It is capital flight from India and part of a corrupt nexus between businessmen, bureaucrats and politicians.Substantial sums have been accumulated abroad due to under-invoicing/over-invoicing and also commission from defence and other major contracts.……Continue……
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