New Delhi: In yet another startling revelation about the black money being parked abroad, every year over Rs 23,000 crore was transferred from RBI accounts to unknown accounts in tax havens abroad and that the Central Bank has no record of any such transactions.

The investigation by Comptroller and Auditor General (CAG) reveals that foreign currency in large amount is moving out of the country following unknown and unauthentic reasons.

The continuous and unauthorized clearance of the foreign currency accounts confirms doubts about the illegal money transfer to foreign banks along with reflecting the ignorant attitude of the authorities.

In the wake of CAG report on the taxation of the NRIs, the foreign currency management of Reserve Bank of India has come under scanner.

Documents available with Dainik Jagran divulge that money to the tune of Rs 46,000 crore was transferred from the RBI accounts to foreign banks secretly between 2005 and 2007. The RBI has no records available with it to ascertain whether such a big transaction was made in exchange of any imports or for payment.

At present, the Directorate General of Foreign Trade (DGFT) keeps a record on all the commercial imports, while RBI is responsible for foreign currency payment in lieu of imports. Besides, some imports are made for defence requirements.

Generally, the foreign currency payment equivalent to the imports is done from the RBI accounts so as to keep the records balanced. However, the documents reveal that the foreign currency issued by the Apex Bank between 2005 and 2007 was Rs 46,736 crore more than the imports.

The RBI figures state that in last one decade there has been a rapid increase in the transfer of money from India to abroad. And this has been witnessed maximum in the services and private fund transfer accounts.

In 2001-02, Rs 65,850 crore was moved to the foreign banks in exchange of various import services which in the end of the last decade increased to four-fold surpassing Rs 2.10 lakh crore. While the fund transfer in the end of the last decade grew almost six times to Rs 9,290 crore.

There are doubts that the black money was shifted to the tax havens in the name of import payment and transfers. It is for this reason that G-20 nations have waged a war against such tax haven nations since 2009.


(JPN/Anshuman Tiwari)