The revelations of Pandora and other papers indicating extensive use by Indian entities of the international financial system and offshore corporate structures fit in well with the empirical findings of this article that large scale illicit financial flows have taken place through trade misinvoicing in India’s trade with 19 countries over 2000–18. This article highlights that India is a net recipient of illicit flows, whose actual scale would be higher if commodity level trade data is used in estimating trade misinvoicing.
