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India commissions study on black money
Sunday May 29, 2011 02:51:46 PM, IANS
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New Delhi:
The Indian government said Sunday it had commissioned a study to
examine how black money is generated and recommend ways to bring
it back into the mainstream economy.
A statement from the finance ministry said the study was
authorised in March and will be completed by September 2012.
The study is being conducted by three autonomous institutions
under the finance ministry -- National Institute of Public Finance
and Policy, the National Institute of Financial Management, and
the National Council of Applied Economic Research.
There have been wide-ranging estimates of the amount of Indian
black money stashed abroad -- from $500 billion to $1,400 billion.
A recent study by Global Financial Integrity has estimated the
outflow of illicit money at $462 billion.
"These estimates are based on various unverifiable assumptions and
approximations. Government ... 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,"
said the statement.
The study will assess unaccounted income and wealth both inside
and outside the country.
It will be also profile activities, identify sectors and examine
methods which encourage generation of unaccounted and black money,
and ways by which they are converted into 'white' money.
The study will recommend methods on how to bring back black money
stashed in banks outside India as well as to estimate the quantum
of tax evasion by companies.
The clamour for taking action against the corrupt and recover
funds hidden in tax havens abroad has been getting stronger.
Social activist Anna Hazare's 97-hour fast forced the agreement to
enact a stringent anti-graft law.
The Supreme Court too has been increasingly critical of the way
the Congress-led United Progressive Alliance (UPA) government has
been dealing with the issue of investigating illegally acquired
wealth and convicting people found responsible for money
laundering.
On Saturday, the government announced the formation of a committee
chaired by the Central Board of Direct Taxes chief to suggest ways
of strengthening anti-money laundering laws and recovering black
money parked in overseas banks.
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