Government Commissions Fresh Study Through Top National Level Institutions for Estimation of Unaccounted Income/Wealth both Inside and Outside the Country.
Ministry of Finance, Government of India has commissioned an in-depth and fresh study, engaging three top national level institutions for estimation of unaccounted income and wealth held within and outside India. This study will bring out the nature of activities that encourage money laundering and its ramifications on national security. The study has already commenced in March, 2011 and is expected to be completed within a period of 18 months. The study is being undertaken by the following national institutes:
The terms of reference of the study are as follows:
The issue of black money has attracted a lot of public and media attention in the recent past. So far there are no reliable estimates of black money generated and held within and outside the country. The different estimates on quantum of black money range between USD 500 billion to USD 1,400 billion. A recent study by Global Financial Integrity has estimated the illicit money outflow to be USD 462 billion. These estimates are based on various unverifiable assumptions and approximations. Government has been seized of the matter and has, therefore, commissioned these institutions to get an estimation and sense of the quantum of illicit fund generated and held within and outside the country. ******* DSM/SS (Release ID :72383)
Government Commissions Fresh Study to quantify Black Money
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