The report titled ‘The Price of Offshore Revisited’, estimates the total figure hidden globally to be at least US$21 trillion, and could be as high as $32 trillion.
The estimate for India is lower than that for many other big economies, US$307.8 billion was moved out of Saudi Arabia during that period, US$496.1 billion from Kuwait, US$60.3 billion for South Africa, US$306.2 billion from Nigeria, US$797.9 billion from Russia and US$519.5 billion from Brazil.
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It was in February 2012 that Central Bureau of Investigation (CBI) claimed an amount of US$500 billion of black money remaining stashed away in banks in Switzerland, adding that the figure lacked evidence and was uncorroborated.
And as part of efforts to clamp down on HNWIs with undeclared offshore assets, a Double Taxation Avoidance Agreement (DTAA) has also been entered between India and Switzerland.
DTAA provides the legal framework within which administrative assistance can be sought in particular cases of tax evasion or tax fraud.
Additionally, as part of a joint effort to tackle tax evasion, India has recently offered amnesty to 100 high net worth (HNW) citizens with secret HSBC accounts in Switzerland in order to retrieve unpaid tax money.
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