Fairval

Notes on Indian equities, sectors and economy

Export scam – ET story

Posted by fairval on October 21, 2011

Now a story in The Economic Times questions the large export growth numbers. Here is what it says..

Is black money being repatriated to India or not? The doubts are growing larger by the day.

An Economic Times report pointed out the amazing surge in India’s exports to the Bahamas — a well-known tax haven — is fuelling intense suspicion that a large proportion of these transactions are nothing more than fake transactions aimed at bringing back money stashed in secret accounts at overseas banks.

The report said that in between 2008-09 and 2010-11, exports to the Bahamas jumped to $2.2 billion from $2.2 million. Yet, India’s share in Bahamas’ imports, which totalled $2.8 billion in 2010, is a relatively minor 7.5 percent.

Clearly, something doesn’t add up here.

The full ET story

Exports or black money? Time for govt to investigate

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