Black money: SIT asks DRI to probe if Rs 34.5 lakh cr flew out of India during UPA rule

New Delhi: The Special Investigation Team (SIT) on black money has asked the Directorate of Revenue Intelligence (DRI) to probe if $505 billion (approximately Rs 34.5 lakh crore) were sent out of India during 2004-13,
dri to probe if rs 34.5 lakh crore flew out of...
India TV News Desk February 16, 2016 7:50 IST

New Delhi: The Special Investigation Team (SIT) on black money has asked the Directorate of Revenue Intelligence (DRI) to probe if $505 billion (approximately Rs 34.5 lakh crore) were sent out of India during 2004-13, the period under the rule of the erstwhile United Progressive Alliance led by the Congress party.

The figures were reported by an American think tank Global Financial Integrity, the government said on Monday.

"The SIT obtained detailed calculations of country-wise illicit financial flows for each of these years from (think tank) Global Financial Integrity," a statement by the Finance ministry said today.

"The details have been sent to the Directorate of Revenue Intelligence on February 8, 2016, and it has been asked to verify the extent to which the calculations are correct," the statement said.

Necessary action would be taken by SIT after receipt of the DRI's report, it added.

The ministry said that the SIT through various reports had highlighted trade-based money laundering as a major source of illicit money flow out of the country.

In its second report, the SIT had recommended that there should be an institutional mechanism through a dedicated set-up which examines mismatches in export-import data with corresponding data of other countries on a regular basis.

The SIT also recommended a system for cross-checking prices of imports-exports with international prices wherever possible, especially in case of commodities.

"Various reports including those by Global Financial Integrity have emphasised that trade-based money laundering is the main medium or process through which funds are illegally taken out of countries," the statement said.

(With IANS inputs)

 
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