$770 billion black money entered India in 2005-2014: Report

An estimated $770 billion in black money entered India during 2005-2014, US-based think tank Global Financial Integrity (GFI) has said in its latest report.

Nearly USD 165 billion in illicit money exited the country during the same period, the global financial watchdog said.

During 2014 alone, about USD 101 billion black money entered the country while USD 23 billion exited, the report added.

"Illicit financial flows (IFFs) from developing and emerging economies kept pace at nearly USD one trillion in 2014," it said.

Titled 'Illicit Financial Flows to and from Developing Countries: 2005-2014', the report is the first global study to place equal emphasis on illicit outflows and inflows.

The report said total illicit financial outflow was three per cent (about USD 165 billion) of India's total trade of USD 5500.744 billion between 2005-2014.

Governments should establish public registries of verified beneficial ownership information on all legal entities to check black money, it suggested. "All banks should know the true beneficial owner(s) of any account in their financial institution," the report said.