‘Black money could add $30 billion to forex reserves’

[The Huskar]

The unearthing of capital flight of black money Indians have allegedly stashed away in Swiss banks could add USD 30 billion to the country’s forex reserves, says a Bank of America Merrill Lynch (BofA-ML) report.

According to the global financial services major, though there would not be any immediate forex impact given the legal issues involved, it could add USD 30-35 billion to the forex reserves over time.

BofA-ML has worked with an estimate of capital flight of about USD 200 billion based on a recent research study.

According to the study, Raghbendra Jha and Duc Nguyen Truong, of Australian National University, estimated total capital flight of more than USD 186 billion during 1998-2012.

“If even half of this is unearthed, it could add USD 30-35 billion (three to four months of current import cover) to forex reserves over time,” BofA-ML said in a research note.

 

[SR-91]

That's it!!!!!!!

What happened to 1.4 trillion dollars????

 

[damiendehorn]

Trillions of $s were suppose to be stowed away in swiss bank accounts, lets see if even $5bn is recovered.

 

[illusion8]

Trillions of $s were suppose to be stowed away in swiss bank accounts, lets see if even $5bn is recovered.

11 billion already this year till date. The flowback is consistent.

Swiss gold exports to India cross Rs 70,000 crore; banks turn wary after black money probe - Economic Times

 

[T90TankGuy]

Doubt if even 1% will be recovered.

 

[The Huskar]

That's it!!!!!!!

What happened to 1.4 trillion dollars????

That 1.4 Trillion figure is nothing but "Khwabi Pulao" of some half assed conspiracy theorist of BJP.
It's more like 500 billion according to Global Financial Integrity.