$ 462 Billions Indian Black money abroad.

The truth is visible to everybody except the Government of India.
Instead of taking action  it is hiding behind euphemisms like ‘secret, ‘bilateral arrangements,diplomatic relations’ etc.’
Story:
India’s underground economy is closely tied to illicit financial outflows. The total present value of India’s illicit assets held abroad ($462 billion) accounts for approximately 72 percent of India’s underground economy. This means that almost three-quarters of the illicit assets comprising India’s underground economy—which has been estimated to account for 50 percent of India’s GDP (approximately $640 billion at the end of 2008)—ends up outside of the country. (vii, 19

The finding that only 27.8 percent of India’s illicit assets are held domestically support arguments that the desire to amass wealth illegally without attracting government attention is one of the primary motivations behind the cross-border transfer of illicit capital. (vii, 19)
In the post-reform period of 1991-2008, deregulation and trade liberalization accelerated the outflow of illicit money from the Indian economy. Opportunities for trade mispricing grew and expansion of the global shadow financial system—particularly island tax havens—accommodated the increased outflow of India’s illicit capital flight. (Introduction)
There is a statistical correlation between larger volumes of illicit flows and deteriorating income distribution. (35)

Recommendations.

Tax evasion is a major component of the underground economy, which in turn is a primary driver of India’s illicit outflows. Expanding India’s tax base and improving tax collection has high potential to curtail illicit flows.
Illicit financial flows cannot be curtailed without the collaborative effort of both developing and developed countries. Economic reforms key to stemming the outflow of illicit money from India and the developing world in general include:

• curtail trade mispricing (a widely utilized tax avoidance technique of international businesses);
• require country-by-country reporting of sales, profits and taxes paid by multinational corporations;
• require confirmation of beneficial ownership in all banking and securities accounts;
• require automatic cross-border exchange of tax information on personal and business accounts; and

harmonize predicate offenses under anti-money laundering laws across all countries that cooperate on the Financial Action Task Force

http://india.gfip.org/
Related:
New York —Nigeria might have lost $130 billion from 2000-2008 to illicit financial flows, a new report issued by US-based group, Global Financial Integrity, GFI, said.
The report entitled “Illicit Financial Flows from Developing Countries: 2000-2009,” said Nigeria had the 10th highest measured illicit outflows in the developing world, an average of $15 billion per year.
The North America Correspondent of the News Agency of Nigeria, NAN, reports that the GFI report ranks countries according to magnitude of illicit outflows.
According to the report, China is ranked the highest country of measured illicit outflows in the developing world with 2.18 trillion dollars, followed by Russia; 427 billion dollars and Mexico, 416 billon dollars.
The report also shows the annual outflows for each country and breaks outflows down into two categories of drivers: trade mispricing and “other,” which includes “kickbacks, bribes, embezzlement, and other forms of official corruption.”
Others in the top 10 are Saudi Arabia $302 billion; Malaysia $291 billion; United Arab Emirates $276 billion; Kuwait $242 billion; Venezuela $157 billion and Qatar $138 billion.
Primary findings from the report said illicit outflows increased from $1.06 trillion in 2006 to approximately $1.26 trillion in 2008.
http://www.vanguardngr.com/2011/01/illicit-financial-flows-cost-nigeria-130bn-in-8-years-report/