India lost ₹17 lakh crore in 4 decades to tax evasion

According to RBI data, the Indian economy may have lost over ₹17 lakh crore over the last 44 years from offshore accounts of tax evaders, an HT analysis stated. There have been 1,88,605 exported transactions that were not remitted back, a requirement under Indian Foreign Exchange rules. Notably, the amount is estimated to be around one-fourth of India’s current GDP.