Black money
Black money refers to money removed from the official economy (via corruption, bribery, tax evasion, etc.) and stored outside of the country. A November 2010 report from the Washington-based Global Financial Integrity estimates that India lost at least US$462 billion in illicit financial flows, another word for black money, from 1948 through 2008. The report also estimated the size of India's underground economy at approximately US$640 billion at the end of 2008 or roughly 50% of the nation's GDP.
Black Money in Switzerland
According to a 2010 The Hindu article, unofficial estimates indicate that Indians had over US$1456 billion in black money stored in Swiss banks (approximately USD 1.4 trillion).[26] While some news reports claimed that data provided by the Swiss Banking Association Report (2006) showed India has more black money than the rest of the world combined,[27][28] a more recent report quoted the SBA's Head of International Communications as saying that no such official statistics exist.[29] Another report said that Indian-owned Swiss bank account assets are worth 13 times the country’s national debt.The current investigation is undertaken by the Income Tax Department.[30]
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