New Delhi: After facing much heat over the black money issue, government would have to take some tough questions again after latest revelations that the Reserve Bank of India (RBI) had details of the money being stashed in tax havens abroad.

The CAG report, for the first time, also gives an official estimate of the money which is sent abroad as black money every year. The official figure for 2007-08 fiscal now stands at Rs 56,676 crore.

The report also makes it clear that 20 per cent of the foreign currency going outside the country every year is stashed in tax havens as black money.

The facts have been revealed after CAG’s investigations into the RBI data, which gained momentum after the recent disclosures in Hassan Ali case.

Documents available with Dainik Jagran divulge that RBI had full details on the tax havens, as to how much money was being stashed abroad.

The amount of black money quoted by the government in its submission in the Supreme Court is not clear, but the official data reveals that Rs 56,676 crore were parked into the bank accounts in 2007-08 in countries which have a very opaque banking system.

On the basis of 2007-08 figures, it is believed that in the last five years, nearly Rs 3 lakh crore was sent to these suspected tax havens.

Notably, at least 25 countries are suspected to have Indian accounts holders in their banks.
The report also throws light on the taxation of the NRIs.

According to the report, the facts were neither checked at the time of deposit in the suspected countries nor were verified later. CAG also found out that quite a large sum of money was sent in the name of Royalty fees and technical services to those small countries from where import of technology and services is nearly impossible.

JPN/Anshuman Tiwari