Friday, November 9, 2012

Black money flowing out of India is more than fiscal deficit

In the period 2000-2009 the illicit capital flows from India stood at a whopping $104 billion. Currently one dollar is worth around Rs 55. Hence in rupee terms this amounts to a huge Rs 5,70,00 crore. To give the reader a sense of comparison, the fiscal deficit of the government of India for the financial year 2012-2013 ( i.e. the period between April 1, 2012 and March 31, 2013) was initially estimated to be at Rs 5,13,590 crore.



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