The Finance Ministry has sent three study reports on the quantum of money held by Indians and overseas to some Parliamentary panel, more than three years when they were submitted to the authorities, officials said.
The studies, commissioned by the previous UPA regime, were conducted by the Delhi-based National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM), Faridabad.
The NIPFP, NCAER and NIFM reports were obtained by the authorities on December 30, 2013, July 18, 2014, and August 21, 2014, respectively. These reports were recently submitted to the Standing Committee on Finance, the officers told PTI.
” he stated, once the reports might be set in Parliament. There is at present no official evaluation on the quantum of money in India as well as overseas.
A recent analysis by US-based think tank Global Financial Integrity (GFI) stated an estimated USD 770 billion in black money entered India during 2005-2014.
Nearly USD 165 billion in illegal cash spilled the country during the same period, the latest report by the financial watchdog said.
“The problem of black money has brought a lot of public and media attention in the recent years. Thus far, there are no reliable estimates of black money generated and held inside and outside the country,” that the Finance ministry had stated while ordering the studies in 2011. These quotes were based on approximations and unverifiable assumptions, it’d stated.
“Government was seized of this issue and has, consequently, commissioned these institutions to obtain an estimation and sense of the quantum of illegal fund generated and held inside and outside the country,” the ministry had stated.
The Terms of Reference (ToR) for the studies included assessment or survey of unaccounted income and wealth and profiling the nature of activities engendering money laundering both inside and beyond the country.
Examine the factors and conditions which caused the generation and the studies were to recognize, among other issues, important sectors of the market in which money that is unaccounted was generated.