victim of illicit black money outflows-India ranks high.

We love to pose as victims for all things gone wrong. The latest tag is 'victim of illicit black money outflows' going into billions. As per a recent report quoted by Firstpost, the illicit outflows for 2010 alone is US$ 1.6 bn. For the decade ending 2010, the black money losses amount to US$ 123 bn! The report by Global Financial Integrity, a US based organization ranks India 8th largest victim of illicit capital flight. We are fortunate to be ranked behind China, Mexico, Malaysia, Saudi Arabia, Russia, the Philippines, and Nigeria. Together, emerging economies lost around US$ 858 bn in 2010 to illicit outflows. The irony is that despite such statistics coming out year after year, very little has been done to curb suc h outflows. Or for that matter to curb the generation of black money. Indian banking and tax laws have long been attempting to make black money transactions punishable. However, very little success has been achieved so far. And as long as policymakers keep taking a socialist view on taxation related matters, it may continue to remain so.