Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1e106666f8-trace').style.display = (document.getElementById('cakeErr67f1e106666f8-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr67f1e106666f8-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1e106666f8-code').style.display = (document.getElementById('cakeErr67f1e106666f8-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67f1e106666f8-context').style.display = (document.getElementById('cakeErr67f1e106666f8-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67f1e106666f8-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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		&#039;title&#039; =&gt; &#039;Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur&#039;,
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&lt;div align=&quot;justify&quot;&gt;
The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;
&lt;br /&gt;
The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;
&lt;br /&gt;
One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;
&lt;br /&gt;
Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;
&lt;br /&gt;
Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;
&lt;br /&gt;
After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;
&lt;br /&gt;
After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;
&lt;br /&gt;
The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;
&lt;br /&gt;
----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;
&lt;br /&gt;
1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;
&lt;br /&gt;
2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;
&lt;br /&gt;
3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;
&lt;br /&gt;
4. US-----------870.35---1206.98----606.94&lt;br /&gt;
&lt;br /&gt;
5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;
&lt;br /&gt;
6. UAE-------637.47-----839.86--238&lt;br /&gt;
&lt;br /&gt;
7. Cyprus------458.35-----517.25------NA&lt;br /&gt;
&lt;br /&gt;
8. UK-----344.95-------402.45------219.72&lt;br /&gt;
&lt;br /&gt;
9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;
&lt;br /&gt;
10. Channel Island--------515.57------NA------NA&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
(Figures in $ million; source: Finance ministry)&lt;/em&gt;
&lt;/div&gt;&#039;,
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.

The statistic, released by the finance ministry, reinforces...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;br /&gt;&lt;div align=&quot;justify&quot;&gt;The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;&lt;br /&gt;The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;&lt;br /&gt;One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;&lt;br /&gt;Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;&lt;br /&gt;Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;&lt;br /&gt;After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;&lt;br /&gt;After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;&lt;br /&gt;The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;&lt;br /&gt;----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;&lt;br /&gt;1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;&lt;br /&gt;2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;&lt;br /&gt;3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;&lt;br /&gt;4. US-----------870.35---1206.98----606.94&lt;br /&gt;&lt;br /&gt;5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;&lt;br /&gt;6. UAE-------637.47-----839.86--238&lt;br /&gt;&lt;br /&gt;7. Cyprus------458.35-----517.25------NA&lt;br /&gt;&lt;br /&gt;8. UK-----344.95-------402.45------219.72&lt;br /&gt;&lt;br /&gt;9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;&lt;br /&gt;10. Channel Island--------515.57------NA------NA&lt;br /&gt;&lt;em&gt;&lt;br /&gt;(Figures in $ million; source: Finance ministry)&lt;/em&gt;&lt;/div&gt;&#039;,
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;
&lt;br /&gt;
The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;
&lt;br /&gt;
One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;
&lt;br /&gt;
Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;
&lt;br /&gt;
Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;
&lt;br /&gt;
After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;
&lt;br /&gt;
After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;
&lt;br /&gt;
The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;
&lt;br /&gt;
----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;
&lt;br /&gt;
1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;
&lt;br /&gt;
2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;
&lt;br /&gt;
3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;
&lt;br /&gt;
4. US-----------870.35---1206.98----606.94&lt;br /&gt;
&lt;br /&gt;
5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;
&lt;br /&gt;
6. UAE-------637.47-----839.86--238&lt;br /&gt;
&lt;br /&gt;
7. Cyprus------458.35-----517.25------NA&lt;br /&gt;
&lt;br /&gt;
8. UK-----344.95-------402.45------219.72&lt;br /&gt;
&lt;br /&gt;
9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;
&lt;br /&gt;
10. Channel Island--------515.57------NA------NA&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
(Figures in $ million; source: Finance ministry)&lt;/em&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Times of India, 7 December, 2011, http://timesofindia.indiatimes.com/india/Black-money-trail-Indian-companies-still-parking-funds-in-tax-havens/articleshow/11012151.cms&#039;,
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.

The statistic, released by the finance ministry, reinforces...&#039;
$disp = &#039;&lt;br /&gt;&lt;div align=&quot;justify&quot;&gt;The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;&lt;br /&gt;The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;&lt;br /&gt;One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;&lt;br /&gt;Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;&lt;br /&gt;Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;&lt;br /&gt;After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;&lt;br /&gt;After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;&lt;br /&gt;The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;&lt;br /&gt;----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;&lt;br /&gt;1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;&lt;br /&gt;2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;&lt;br /&gt;3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;&lt;br /&gt;4. US-----------870.35---1206.98----606.94&lt;br /&gt;&lt;br /&gt;5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;&lt;br /&gt;6. UAE-------637.47-----839.86--238&lt;br /&gt;&lt;br /&gt;7. Cyprus------458.35-----517.25------NA&lt;br /&gt;&lt;br /&gt;8. UK-----344.95-------402.45------219.72&lt;br /&gt;&lt;br /&gt;9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;&lt;br /&gt;10. Channel Island--------515.57------NA------NA&lt;br /&gt;&lt;em&gt;&lt;br /&gt;(Figures in $ million; source: Finance ministry)&lt;/em&gt;&lt;/div&gt;&#039;
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                <strong>Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur</strong></h1>
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                <br /><div align="justify">The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.<br /><br />The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.<br /><br />One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India's total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn't ask for the source of such money.<br /><br />Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies' total outbound investments since 2009-10.<br /><br />Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.<br /><br />After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &quot;special territories&quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.<br /><br />After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a 'specified territory' in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.<br /><br />The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).<br /><br /><br /><br />The top ten destinations during the last three years where Indian companies have invested<br /><br />----------2009-10----2010-11------2011-12(Apr-Nov)<br /><br />1. Singapore---3798.49--3980-18-----1522.95<br /><br />2. Mauritius---2148.38--5045.83-----1703.29<br /><br />3. Netherlands--1529.90--1516.63----616.55<br /><br />4. US-----------870.35---1206.98----606.94<br /><br />5. British Virgin Island---747.49------281.06----344.98<br /><br />6. UAE-------637.47-----839.86--238<br /><br />7. Cyprus------458.35-----517.25------NA<br /><br />8. UK-----344.95-------402.45------219.72<br /><br />9. Cayman Island------NA------439.31-------98.14<br /><br />10. Channel Island--------515.57------NA------NA<br /><em><br />(Figures in $ million; source: Finance ministry)</em></div>               </font>
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&lt;div align=&quot;justify&quot;&gt;
The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;
&lt;br /&gt;
The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;
&lt;br /&gt;
One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;
&lt;br /&gt;
Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;
&lt;br /&gt;
Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;
&lt;br /&gt;
After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;
&lt;br /&gt;
After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;
&lt;br /&gt;
The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;
&lt;br /&gt;
----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;
&lt;br /&gt;
1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;
&lt;br /&gt;
2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;
&lt;br /&gt;
3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;
&lt;br /&gt;
4. US-----------870.35---1206.98----606.94&lt;br /&gt;
&lt;br /&gt;
5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;
&lt;br /&gt;
6. UAE-------637.47-----839.86--238&lt;br /&gt;
&lt;br /&gt;
7. Cyprus------458.35-----517.25------NA&lt;br /&gt;
&lt;br /&gt;
8. UK-----344.95-------402.45------219.72&lt;br /&gt;
&lt;br /&gt;
9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;
&lt;br /&gt;
10. Channel Island--------515.57------NA------NA&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
(Figures in $ million; source: Finance ministry)&lt;/em&gt;
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.

The statistic, released by the finance ministry, reinforces...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;br /&gt;&lt;div align=&quot;justify&quot;&gt;The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;&lt;br /&gt;The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;&lt;br /&gt;One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;&lt;br /&gt;Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;&lt;br /&gt;Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;&lt;br /&gt;After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;&lt;br /&gt;After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;&lt;br /&gt;The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;&lt;br /&gt;----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;&lt;br /&gt;1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;&lt;br /&gt;2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;&lt;br /&gt;3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;&lt;br /&gt;4. US-----------870.35---1206.98----606.94&lt;br /&gt;&lt;br /&gt;5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;&lt;br /&gt;6. UAE-------637.47-----839.86--238&lt;br /&gt;&lt;br /&gt;7. Cyprus------458.35-----517.25------NA&lt;br /&gt;&lt;br /&gt;8. UK-----344.95-------402.45------219.72&lt;br /&gt;&lt;br /&gt;9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;&lt;br /&gt;10. Channel Island--------515.57------NA------NA&lt;br /&gt;&lt;em&gt;&lt;br /&gt;(Figures in $ million; source: Finance ministry)&lt;/em&gt;&lt;/div&gt;&#039;,
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;
&lt;br /&gt;
The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;
&lt;br /&gt;
One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;
&lt;br /&gt;
Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;
&lt;br /&gt;
Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;
&lt;br /&gt;
After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;
&lt;br /&gt;
After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;
&lt;br /&gt;
The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;
&lt;br /&gt;
----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;
&lt;br /&gt;
1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;
&lt;br /&gt;
2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;
&lt;br /&gt;
3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;
&lt;br /&gt;
4. US-----------870.35---1206.98----606.94&lt;br /&gt;
&lt;br /&gt;
5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;
&lt;br /&gt;
6. UAE-------637.47-----839.86--238&lt;br /&gt;
&lt;br /&gt;
7. Cyprus------458.35-----517.25------NA&lt;br /&gt;
&lt;br /&gt;
8. UK-----344.95-------402.45------219.72&lt;br /&gt;
&lt;br /&gt;
9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;
&lt;br /&gt;
10. Channel Island--------515.57------NA------NA&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
(Figures in $ million; source: Finance ministry)&lt;/em&gt;
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.

The statistic, released by the finance ministry, reinforces...&#039;
$disp = &#039;&lt;br /&gt;&lt;div align=&quot;justify&quot;&gt;The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;&lt;br /&gt;The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;&lt;br /&gt;One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;&lt;br /&gt;Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;&lt;br /&gt;Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;&lt;br /&gt;After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;&lt;br /&gt;After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;&lt;br /&gt;The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;&lt;br /&gt;----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;&lt;br /&gt;1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;&lt;br /&gt;2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;&lt;br /&gt;3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;&lt;br /&gt;4. US-----------870.35---1206.98----606.94&lt;br /&gt;&lt;br /&gt;5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;&lt;br /&gt;6. UAE-------637.47-----839.86--238&lt;br /&gt;&lt;br /&gt;7. Cyprus------458.35-----517.25------NA&lt;br /&gt;&lt;br /&gt;8. UK-----344.95-------402.45------219.72&lt;br /&gt;&lt;br /&gt;9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;&lt;br /&gt;10. Channel Island--------515.57------NA------NA&lt;br /&gt;&lt;em&gt;&lt;br /&gt;(Figures in $ million; source: Finance ministry)&lt;/em&gt;&lt;/div&gt;&#039;
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                <strong>Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur</strong></h1>
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                <br /><div align="justify">The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.<br /><br />The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.<br /><br />One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India's total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn't ask for the source of such money.<br /><br />Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies' total outbound investments since 2009-10.<br /><br />Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.<br /><br />After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &quot;special territories&quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.<br /><br />After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a 'specified territory' in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.<br /><br />The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).<br /><br /><br /><br />The top ten destinations during the last three years where Indian companies have invested<br /><br />----------2009-10----2010-11------2011-12(Apr-Nov)<br /><br />1. Singapore---3798.49--3980-18-----1522.95<br /><br />2. Mauritius---2148.38--5045.83-----1703.29<br /><br />3. Netherlands--1529.90--1516.63----616.55<br /><br />4. US-----------870.35---1206.98----606.94<br /><br />5. British Virgin Island---747.49------281.06----344.98<br /><br />6. UAE-------637.47-----839.86--238<br /><br />7. Cyprus------458.35-----517.25------NA<br /><br />8. UK-----344.95-------402.45------219.72<br /><br />9. Cayman Island------NA------439.31-------98.14<br /><br />10. Channel Island--------515.57------NA------NA<br /><em><br />(Figures in $ million; source: Finance ministry)</em></div>               </font>
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		&#039;title&#039; =&gt; &#039;Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur&#039;,
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&lt;div align=&quot;justify&quot;&gt;
The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;
&lt;br /&gt;
The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;
&lt;br /&gt;
One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;
&lt;br /&gt;
Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;
&lt;br /&gt;
Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;
&lt;br /&gt;
After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;
&lt;br /&gt;
After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;
&lt;br /&gt;
The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;
&lt;br /&gt;
----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;
&lt;br /&gt;
1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;
&lt;br /&gt;
2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;
&lt;br /&gt;
3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;
&lt;br /&gt;
4. US-----------870.35---1206.98----606.94&lt;br /&gt;
&lt;br /&gt;
5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;
&lt;br /&gt;
6. UAE-------637.47-----839.86--238&lt;br /&gt;
&lt;br /&gt;
7. Cyprus------458.35-----517.25------NA&lt;br /&gt;
&lt;br /&gt;
8. UK-----344.95-------402.45------219.72&lt;br /&gt;
&lt;br /&gt;
9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;
&lt;br /&gt;
10. Channel Island--------515.57------NA------NA&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
(Figures in $ million; source: Finance ministry)&lt;/em&gt;
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.

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	&#039;disp&#039; =&gt; &#039;&lt;br /&gt;&lt;div align=&quot;justify&quot;&gt;The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;&lt;br /&gt;The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;&lt;br /&gt;One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;&lt;br /&gt;Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;&lt;br /&gt;Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;&lt;br /&gt;After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;&lt;br /&gt;After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;&lt;br /&gt;The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;&lt;br /&gt;The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;&lt;br /&gt;----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;&lt;br /&gt;1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;&lt;br /&gt;2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;&lt;br /&gt;3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;&lt;br /&gt;4. US-----------870.35---1206.98----606.94&lt;br /&gt;&lt;br /&gt;5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;&lt;br /&gt;6. UAE-------637.47-----839.86--238&lt;br /&gt;&lt;br /&gt;7. Cyprus------458.35-----517.25------NA&lt;br /&gt;&lt;br /&gt;8. UK-----344.95-------402.45------219.72&lt;br /&gt;&lt;br /&gt;9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;&lt;br /&gt;10. Channel Island--------515.57------NA------NA&lt;br /&gt;&lt;em&gt;&lt;br /&gt;(Figures in $ million; source: Finance ministry)&lt;/em&gt;&lt;/div&gt;&#039;,
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	&#039;title&#039; =&gt; &#039;Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur&#039;,
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.&lt;br /&gt;
&lt;br /&gt;
The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.&lt;br /&gt;
&lt;br /&gt;
One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India&#039;s total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn&#039;t ask for the source of such money.&lt;br /&gt;
&lt;br /&gt;
Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies&#039; total outbound investments since 2009-10.&lt;br /&gt;
&lt;br /&gt;
Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.&lt;br /&gt;
&lt;br /&gt;
After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &amp;quot;special territories&amp;quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.&lt;br /&gt;
&lt;br /&gt;
After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a &#039;specified territory&#039; in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.&lt;br /&gt;
&lt;br /&gt;
The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
&lt;br /&gt;
The top ten destinations during the last three years where Indian companies have invested&lt;br /&gt;
&lt;br /&gt;
----------2009-10----2010-11------2011-12(Apr-Nov)&lt;br /&gt;
&lt;br /&gt;
1. Singapore---3798.49--3980-18-----1522.95&lt;br /&gt;
&lt;br /&gt;
2. Mauritius---2148.38--5045.83-----1703.29&lt;br /&gt;
&lt;br /&gt;
3. Netherlands--1529.90--1516.63----616.55&lt;br /&gt;
&lt;br /&gt;
4. US-----------870.35---1206.98----606.94&lt;br /&gt;
&lt;br /&gt;
5. British Virgin Island---747.49------281.06----344.98&lt;br /&gt;
&lt;br /&gt;
6. UAE-------637.47-----839.86--238&lt;br /&gt;
&lt;br /&gt;
7. Cyprus------458.35-----517.25------NA&lt;br /&gt;
&lt;br /&gt;
8. UK-----344.95-------402.45------219.72&lt;br /&gt;
&lt;br /&gt;
9. Cayman Island------NA------439.31-------98.14&lt;br /&gt;
&lt;br /&gt;
10. Channel Island--------515.57------NA------NA&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
(Figures in $ million; source: Finance ministry)&lt;/em&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Times of India, 7 December, 2011, http://timesofindia.indiatimes.com/india/Black-money-trail-Indian-companies-still-parking-funds-in-tax-havens/articleshow/11012151.cms&#039;,
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.

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                <strong>Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur</strong></h1>
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                <br /><div align="justify">The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.<br /><br />The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.<br /><br />One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India's total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn't ask for the source of such money.<br /><br />Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies' total outbound investments since 2009-10.<br /><br />Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.<br /><br />After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &quot;special territories&quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.<br /><br />After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a 'specified territory' in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.<br /><br />The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).<br /><br /><br /><br />The top ten destinations during the last three years where Indian companies have invested<br /><br />----------2009-10----2010-11------2011-12(Apr-Nov)<br /><br />1. Singapore---3798.49--3980-18-----1522.95<br /><br />2. Mauritius---2148.38--5045.83-----1703.29<br /><br />3. Netherlands--1529.90--1516.63----616.55<br /><br />4. US-----------870.35---1206.98----606.94<br /><br />5. British Virgin Island---747.49------281.06----344.98<br /><br />6. UAE-------637.47-----839.86--238<br /><br />7. Cyprus------458.35-----517.25------NA<br /><br />8. UK-----344.95-------402.45------219.72<br /><br />9. Cayman Island------NA------439.31-------98.14<br /><br />10. Channel Island--------515.57------NA------NA<br /><em><br />(Figures in $ million; source: Finance ministry)</em></div>               </font>
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		'title' => 'Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur',
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<div align="justify">
The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.<br />
<br />
The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.<br />
<br />
One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India's total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn't ask for the source of such money.<br />
<br />
Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies' total outbound investments since 2009-10.<br />
<br />
Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.<br />
<br />
After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &quot;special territories&quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.<br />
<br />
After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a 'specified territory' in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.<br />
<br />
The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).<br />
<br />
<br />
<br />
The top ten destinations during the last three years where Indian companies have invested<br />
<br />
----------2009-10----2010-11------2011-12(Apr-Nov)<br />
<br />
1. Singapore---3798.49--3980-18-----1522.95<br />
<br />
2. Mauritius---2148.38--5045.83-----1703.29<br />
<br />
3. Netherlands--1529.90--1516.63----616.55<br />
<br />
4. US-----------870.35---1206.98----606.94<br />
<br />
5. British Virgin Island---747.49------281.06----344.98<br />
<br />
6. UAE-------637.47-----839.86--238<br />
<br />
7. Cyprus------458.35-----517.25------NA<br />
<br />
8. UK-----344.95-------402.45------219.72<br />
<br />
9. Cayman Island------NA------439.31-------98.14<br />
<br />
10. Channel Island--------515.57------NA------NA<br />
<em><br />
(Figures in $ million; source: Finance ministry)</em>
</div>',
		'credit_writer' => 'The Times of India, 7 December, 2011, http://timesofindia.indiatimes.com/india/Black-money-trail-Indian-companies-still-parking-funds-in-tax-havens/articleshow/11012151.cms',
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.

The statistic, released by the finance ministry, reinforces...',
	'disp' => '<br /><div align="justify">The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.<br /><br />The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.<br /><br />One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India's total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn't ask for the source of such money.<br /><br />Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies' total outbound investments since 2009-10.<br /><br />Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.<br /><br />After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &quot;special territories&quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.<br /><br />After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a 'specified territory' in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.<br /><br />The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).<br /><br /><br /><br />The top ten destinations during the last three years where Indian companies have invested<br /><br />----------2009-10----2010-11------2011-12(Apr-Nov)<br /><br />1. Singapore---3798.49--3980-18-----1522.95<br /><br />2. Mauritius---2148.38--5045.83-----1703.29<br /><br />3. Netherlands--1529.90--1516.63----616.55<br /><br />4. US-----------870.35---1206.98----606.94<br /><br />5. British Virgin Island---747.49------281.06----344.98<br /><br />6. UAE-------637.47-----839.86--238<br /><br />7. Cyprus------458.35-----517.25------NA<br /><br />8. UK-----344.95-------402.45------219.72<br /><br />9. Cayman Island------NA------439.31-------98.14<br /><br />10. Channel Island--------515.57------NA------NA<br /><em><br />(Figures in $ million; source: Finance ministry)</em></div>',
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	'title' => 'Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur',
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<div align="justify">
The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.<br />
<br />
The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.<br />
<br />
One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India's total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn't ask for the source of such money.<br />
<br />
Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies' total outbound investments since 2009-10.<br />
<br />
Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.<br />
<br />
After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &quot;special territories&quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.<br />
<br />
After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a 'specified territory' in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.<br />
<br />
The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).<br />
<br />
<br />
<br />
The top ten destinations during the last three years where Indian companies have invested<br />
<br />
----------2009-10----2010-11------2011-12(Apr-Nov)<br />
<br />
1. Singapore---3798.49--3980-18-----1522.95<br />
<br />
2. Mauritius---2148.38--5045.83-----1703.29<br />
<br />
3. Netherlands--1529.90--1516.63----616.55<br />
<br />
4. US-----------870.35---1206.98----606.94<br />
<br />
5. British Virgin Island---747.49------281.06----344.98<br />
<br />
6. UAE-------637.47-----839.86--238<br />
<br />
7. Cyprus------458.35-----517.25------NA<br />
<br />
8. UK-----344.95-------402.45------219.72<br />
<br />
9. Cayman Island------NA------439.31-------98.14<br />
<br />
10. Channel Island--------515.57------NA------NA<br />
<em><br />
(Figures in $ million; source: Finance ministry)</em>
</div>',
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The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.

The statistic, released by the finance ministry, reinforces...'
$disp = '<br /><div align="justify">The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted.<br /><br />The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets.<br /><br />One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India's total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn't ask for the source of such money.<br /><br />Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies' total outbound investments since 2009-10.<br /><br />Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments.<br /><br />After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as &quot;special territories&quot; and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius.<br /><br />After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a 'specified territory' in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion.<br /><br />The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China).<br /><br /><br /><br />The top ten destinations during the last three years where Indian companies have invested<br /><br />----------2009-10----2010-11------2011-12(Apr-Nov)<br /><br />1. Singapore---3798.49--3980-18-----1522.95<br /><br />2. Mauritius---2148.38--5045.83-----1703.29<br /><br />3. Netherlands--1529.90--1516.63----616.55<br /><br />4. US-----------870.35---1206.98----606.94<br /><br />5. British Virgin Island---747.49------281.06----344.98<br /><br />6. UAE-------637.47-----839.86--238<br /><br />7. Cyprus------458.35-----517.25------NA<br /><br />8. UK-----344.95-------402.45------219.72<br /><br />9. Cayman Island------NA------439.31-------98.14<br /><br />10. Channel Island--------515.57------NA------NA<br /><em><br />(Figures in $ million; source: Finance ministry)</em></div>'
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Black money trail: Indian companies still parking funds in tax havens by Pradeep Thakur

The top 10 investment destinations for Indian companies in the last three years are all tax havens, if the US and UK which figure at number 4 and number 8, respectively, are discounted. The statistic, released by the finance ministry, reinforces the belief that the government has failed in curbing the flow of black money out of the country. Around 40% of the total investments in these three years have been in real estate, insurance and financial instruments, where it is very difficult to establish purchase value of such assets. One of the prominent avenues used by tax evaders is round-tripping of investments. The quantum of such investments as a proportion of India's total outbound investment reveals how it is not the developed or the emerging economies that has been attracting Indian investments, but just a tax-friendly jurisdiction that doesn't ask for the source of such money. Singapore, Mauritius, the Netherlands, Cyprus, British Virgin Island, UAE, Cayman Island and Channel Island dominated the list, with a major share in Indian companies' total outbound investments since 2009-10. Out of nearly $31,450 million invested by Indian corporations in the last three years, capital invested in real estate and financial instruments was $12,703, almost 40% of the total outbound investments. After domestic revenue intelligence agencies enhanced their surveillance on the flight of capital to British Virgin Island, Cayman Island, Hong Kong and Channel Island, the most favoured destinations in the past three years are Singapore, Mauritius and Netherlands. Most of these jurisdictions are notified by the government as "special territories" and efforts are being made to negotiate exclusive pacts to facilitate exchange of information on tax evaders, including with Singapore and Mauritius. After the trail of several money-laundering cases ended in Hong Kong and the Netherlands, the government notified Hong Kong as a 'specified territory' in April last year. Earlier, the government had notified nine other jurisdictions to facilitate information that would help track cases of money-laundering and tax evasion. The notification enabled India to enter into a double taxation avoidance agreement with all of them. The nine other specified territories included Bermuda, British Virgin Island, Cayman Island, Gibraltar (all British overseas territories); Guernsey, Isle of Man, Jersey (all British Crown dependencies); Netherlands Antilles (an autonomous part of the Kingdom of the Netherlands); and Macau (a special administrative region of the China). The top ten destinations during the last three years where Indian companies have invested ----------2009-10----2010-11------2011-12(Apr-Nov) 1. Singapore---3798.49--3980-18-----1522.95 2. Mauritius---2148.38--5045.83-----1703.29 3. Netherlands--1529.90--1516.63----616.55 4. US-----------870.35---1206.98----606.94 5. British Virgin Island---747.49------281.06----344.98 6. UAE-------637.47-----839.86--238 7. Cyprus------458.35-----517.25------NA 8. UK-----344.95-------402.45------219.72 9. Cayman Island------NA------439.31-------98.14 10. Channel Island--------515.57------NA------NA (Figures in $ million; source: Finance ministry)