Pity about Europe wasting its money, some in India (5)
I believe the answer is:
rupee
'its money some in india' is the definition.
I know that both 'money' and 'india' relate to this answer.
'pity about europe wasting' is the wordplay.
'pity' becomes 'rue' (I've seen this in other clues).
'about' means one lot of letters goes inside another.
'europe wasting' becomes 'pe' (I can't justify this - if you can you should give a lot more credence to this answer).
'rue' going around 'pe' is 'RUPEE'.
(Other definitions for rupee that I've seen before include "Indian rhino" , "Indian currency unit" , "Currency of the subcontinent" , "Currency of India, Pakistan and Bhutan" , "Indian monetary unit" .)