The Special Investigation Team (SIT) on black money has asked the Directorate of Revenue Intelligence (DRI) to certify whether $505 billion was taken out of the country in 2004-13.
The Supreme Court-appointed SIT said it would take further action after receiving the report from the DRI on such incidents that took place when the Congress-led UPA was in power. In a statement on Monday, the SIT said it collected country-wise details of the Global Financial Integrity report in which it was estimated that illicit financial flows out of India for the period 2004–2013 was up to the tune of $505 billion.
“The SIT obtained detailed calculations of country-wise illicit financial flows for each of these years from Global Financial Integrity. Thereafter, the details have been sent to DRI on February 8, 2016 and DRI has been asked to verify the extent to which the calculations are correct,” it said.
“The SIT has also observed that since reports like those of Global Financial Integrity which calculate illicit financial flows from various countries are widely used in academic circles and inform the debate on this issue, it is very crucial to ascertain the veracity of such reports. Further necessary action shall be taken by SIT after receipt of report from DRI,” it added.
The SIT has, in its various reports, observed that trade based money laundering is major source through which illicit money is taken out of the country.