DNA:
New Delhi: Monday, 04 January 2016.
Reports on
quantum of black money stashed in India and abroad are under examination of the
government, about a year and a half after submission, the Finance Ministry has
said.
The previous
UPA government had in March 2011 commissioned studies, by Delhi-based National
Institute of Public Finance and Policy (NIPFP), National Council of Applied
Economic Research (NCAER), and National Institute of Financial Management
(NIFM) at Faridabad, on estimation of unaccounted income or wealth both inside
and outside the country.
These studies
were expected to be completed within 18 months time. Final reports of NIPFP,
NCAER and NIFM were received on December 30, 2013, July 18, 2014 and August 21,
2014, respectively, the Ministry said.
"The
reports are under examination of the government, inter alia, for formulation of
the government's response. The reports along with the government's response
thereon are to be placed before the Standing Committee on Finance as action
taken report on their directions and recommendations in this regard," it
said, replying to an RTI query filed by PTI.
Further
details cannot be made available at this point of time as the information is
exempt under Section 8 (1) (c) of the RTI Act, 2005 which bars disclosure of
information which would cause a breach of privilege of Parliament, the reply
said.
There is at
present no official assessment on the quantum of black money in India and
abroad.
The issue of
black money has been continuously getting attention and Centre has been taking
steps to get back illegal money. It had provided one-time window of three
months July 1 to September 30, 2015 for foreign assets holders to declare such
assets by paying a total of 60% tax and penalty and escape stringent provisions
under the new black money law.
The
government has collected Rs 16.69 crore as taxes and penalty till November 26,
last year from those who have disclosed illegal wealth under the black money
compliance window.
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