November 2, 2016
A Central Bank data shows that Indians have exported goods and services, worth over Rs 17 trillion over the last 44 years but have not remitted an equal amount in foreign exchange. An HT analysis of the Central Bank data showed that this might be the first estimate of how much the Indian economy might have suffered from the offshore accounts of tax evaders. This amount is estimated to be at least one-fourth of India’s current Gross Domestic Product(GDP). The amount which is much higher now when adjusted according to the US Dollar is speculated to have been sitting in certain tax havens.